Penn Plaza lease.Growing specialty insurer, The Navigators Group Inc., has signed a lease for 8,000 s/f on the 24th floor of Vornado's One Penn Plaza One Penn Plaza is a skyscraper near Pennsylvania Station in New York City, west of Seventh Avenue, between 33rd and 34th Streets. It was designed by Kahn & Jacobs and completed in 1972. It reaches 229 meters (750 feet) with 57 floors. to accommodate the addition of a new subsidiary within the company called the Inland Marine Division, which will offer a line of insurance products for construction, motor truck cargo, and fine arts. The firm already occupies the 2.4 million s/f building's entire 55th floor, a roughly 14,000 s/f space whose 2010 expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created the firm was able to secure for its new space as well, a concession that will allow it greater flexibility in the future if it decides to relocate or try to reorganize re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. its space within the building so that it is contiguous. Trammell Crow F. Trammell Crow (born June 11, 1914, in Dallas, Texas) is an American property developer who created several famous projects, including Dallas Market Center, Peachtree Center (Atlanta, Georgia), and San Francisco's Embarcadero Center. senior associate Justin Aronson represented The Navigators Group in the deal. Asking rents on the 24th floor are in the high $40s per s/f. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion