Madison Square Garden Entertainment has signed a new 20-year lease for 428,000 square feet at Vornado Realty Trust's PENN 2, which will remain MSG Entertainment's corporate headquarters.
PENN 2 is in the midst of a full redevelopment as part of Vornado's multibillion-dollar transformation of the PENN District. The redevelopment of the 1.8 million square foot PENN 2, which features a 430-foot frontage along Seventh Avenue, is slated for completion in the second half of 2023.
The new PENN 2 will also have creative space and more than 65,000 feet of outdoor space. PENN 2 occupies one of the few double-wide blocks in New York City, directly on top of Penn Station, between Seventh and Eighth Avenues and 31st and 33rd Streets.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
