The Commercial Observer with CompStak Data: Adelhardt Construction Signs 1 Penn Plaza Deal

Construction company moves from Times Square South to Penn Station submarket, and takes twice the space.

Adelhardt Construction Signs 1 Penn Plaza Deal


Adelhardt Construction Corporation has signed a lease of 16,450 rentable square feet on the 55th floor at Vornado Realty Trust’s 1 Penn PlazaThe Commercial Observer has learned.

The tenant has signed a 10-year deal and will pay in the low-$60s per square foot after a year of free rent, according to data from CompStak.

One Penn Plaza

Adelhardt Construction offers general contracting, construction management and design/build services. The firm will relocate its New York office from 535 Eighth Avenue, where Adelhardt signed a 6,135-square-foot lease on the 18th floor in 2009, according to CompStak. The firm, which has completed projects for CitiNew York-PresbyterianJPMorgan Chase and others, also operates an office in Florida.

Vornado’s 57-story, 2.6-million square-foot property at 1 Penn Plaza was built in 1972. The building is the tallest in the Pennsylvania Plaza complex, which is anchored by Madison Square Garden, the Hotel Pennsylvania and Vornado’s 1 and 2 Penn Plaza properties.

As reported by The Commercial ObserverSymantec Corporation signed a 24,100-square-foot lease for a portion of the 54th floor at 1 Penn Plaza last year. Concurrently, healthcare provider ValueOptions signed a 10-year, 19,100-square-foot lease for a portion of the 31st floor.

Vornado is represented in-house at 1 Penn Plaza by Craig PanzirerJared Solomon and Jared Silverman. The brokers were not immediately available for comment.


Read more posts by this author.

Subscribe to CompStak Press

Get the latest posts delivered right to your inbox.

or subscribe via RSS with Feedly!