REIT Vornado Realty Trust expects to be starting work on the first phase of renovation at Pennsylvania Plaza before the end of this year according to CEO Steve Roth, The Real Deal reports. The $200 million “megacampus” redevelopment project plan for the 2.5 million-square-foot building at One Penn Plaza–including a double-height lobby–is expected to be completed in two years. In 2016 Vornado released renderings for Two Penn Plaza by starchitect Bjarke Ingels. New renderings were released Wednesday on the company’s website.
Tenants are already being moved into One Penn Plaza from nearby Two Penn Plaza. Plans are in the works to replace the latter building’s curtain wall in 2020 when McGraw Hill’s lease expires. Roth said during the company’s third-quarter earnings call Tuesday morning that the plan was to construct an addition that is elevated 45 feet above street level and protrudes 70 feet from the building.
“It will serve a dual purpose. It will be striking, creating a huge covered plaza in front of our Penn Two and the main entrance to Penn Station, and bring the neighborhood into the modern age. And at the same time, it will create 140,000 square feet of very valuable, new 22-foot high best in class creative space.”
In creating the 4.4 million-square-foot campus at Two Penn, Vornado will also build a three-block plaza along Seventh Avenue. Last month, Gov. Andrew Cuomo announced plans to construct a new entrance to Penn Station on 33rd Street, between the two Vornado buildings.
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Renderings courtesy of Vornado Realty Trust.
Neighborhoods : Midtown West