A Fresh Take on CRE

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

BY GUS DELAPORTE 1/21 7:30AM 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.