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Thomas Inks 115,000-SF Renewal at 5 Penn Plaza

NEW YORK CITY-A 115,000-sf lease renewal by original tenant Thomas Publishing capped off a banner time for leasing at 5 Penn Plaza. The site also had another renewal and two new tenants take space.

By Barbara Jarvie | Updated on November 24, 2003

NEW YORK CITY-Century-old Thomas Publishing Co., which has been a tenant at 5 Penn Plaza when it was first built, signed a 10-year 115,000-sf renewal for four floors. Thomas publishes the world’s largest online database of product information, as well as CD-ROMs and libraries of downloadable CAD drawings. A lease rate for the deal was not released, however space in the Penn Plaza district site is advertised at between $34 and $37 per sf.

Leasing velocity at the 24-story, 608,000-sf, class A office building built in 1916, has substantially increased within recent months, according to CB Richard Ellis, which handles activity at the site. Another tenant in the site, the Steamfitters Industry Trust Funds, also renewed its lease of 13,562 sf also for 10 years.

But it’s not just lease renewals–new tenants are attracted to the site, adjacent to the home of the new Penn Station. Edwards & Kelsey, an engineering firm, negotiated a new lease on the 16th floor, while construction development firm URS, expanded from One Penn Plaza to 5 Penn Plaza on the 13th floor.

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