Puma and Gwynnie Bee Sign Leases at Five Penn Plaza

NEW YORK CITY—Puma signed a 10-year lease for 28,977 square feet at 5 Penn Plaza. The sports brand is relocating its headquarters from 209 W. 38th St. It is opening an expanded sales office and showroom, occupying the entire 21st floor in its new location. Puma’s move is scheduled for the fourth quarter of 2018.

Gwynnie Bee is also coming to the Midtown South building in the fourth quarter of this year. The online clothing retailer signed a lease to rent the entire 28,977 square-foot fourth floor.

Both tenants will move into pre-built space, designed by Gensler. Asking rent for the deals was $70 per square foot.

The CBRE team of Peter Turchin, Jason Pollen and David Caperna represented the building owner, Haymes Investment Company, in both deals. JLL’s Bob Gibson, Jim Wenk and Kirill Azovtsev represented Puma. NFK’s Robin Fisher and Christie Bennett represented Gwynnie Bee.

“The addition of Puma and Gwynnie Bee, two prominent fashion brands, speaks volumes to the diversity of the tenant base at Five Penn Plaza and to the direction that building ownership continues to move in attracting top-tier companies to the property,” says Turchin.

Brokers for Puma also note the value of the centralized Penn Plaza location. “The combination of the recently repositioned Five Penn Plaza building, the ownership’s hands-on management approach and the office tower’s proximity to Hudson Yards made this property an ideal choice for Puma,” says Gibson.

Five Penn Plaza is a 687,000 square-foot, 24-story office building, designed by John and Edward Larkin and constructed in 1916. In 2016, Haymes completed a multi-million dollar capital improvements program. The renovations included creating a double-height lobby, adding new elevators, and updating building systems including internet and fiber optic upgrades.

Located on Eighth Ave. between W. 33rd and W. 34th streets, the property is close to Madison Square Garden, Penn Station and the James A. Farley Building. The Farley Post Office Building is being converted into the Moynihan Train Hall. That renovation which has a $1.6 billion price tag is expected to be completed in 2020.