Rent Office Penn Plaza

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  • Sublease Rent Office Penn Plaza Sublease
  • Coworking Rent Office Penn Plaza coworking

Rent Office Penn Plaza - Penn Station

Class Address SF Monthly Rent
Large Offices for Rent
A
9th Avenue & West 29th Street
228,800
$ Negotiable
B
7th Avenue & West 37th Street
51,400
$ Negotiable
C
Tenth Ave & West 79th Street
37,900
$ Negotiable
B
Seventh Ave & West 35th Street
29,100
$ 195,200
A
1 Plz & West 33rd Street
10,400
$ 85,800
C
Broadway & West 31st Street
7,800
$ 35,400
Medium Offices for Rent
C
W 39th Street & Fifth Avenue
7,000
$ Negotiable
B
W 42nd Street & Broadway
7,000
$ Negotiable
A
Broadway & West 41st Street
6,900
$ Negotiable
C
W 30th Street & Broadway
6,800
$ 33,600
A
Fifth Ave & West 33rd Street
4,500
$ 32,200
B
Avenue of the Americas & West 31st Street
3,600
$ 23,600
Small Offices for Rent
C
W 29th Street & Seventh Avenue
2,500
$ Negotiable
B
W 38th Street & West 37th Street
2,400
$ Negotiable
A
1 Plz & West 33rd Street
2,400
$ 19,600
B
Avenue of the Americas & West 31st Street
2,400
$ 15,600
C
W 29th Street & Eight Avenue
2,400
$ 15,400
A
Broadway & West 39th Street
2,400
$ Negotiable
Class Address SF Monthly Rent
Large Offices for Rent
A
9th Avenue & West 29th Street
207,500
$ Negotiable
B
7th Avenue & West 37th Street
51,400
$ Negotiable
C
Tenth Ave & West 79th Street
37,900
$ Negotiable
C
W 33rd Street & twentieth Road
15,900
$ 72,200
A
Times Sq & West 41st Street
11,500
$ 68,400
B
6th Avenue & Broadway
7,600
$ 49,000
Medium Offices for Rent
B
W 36th Street & Avenue of the Americas
7,000
$ Negotiable
A
Fifth Ave & West 33rd Street
6,900
$ Negotiable
C
8th Avenue & West 38th Street
6,900
$ Negotiable
A
W 34th Street & 7th Avenue
4,700
$ 28,400
B
Avenue of the Americas & West 31st Street
4,200
$ 27,400
C
W 36th Street & Avenue of the Americas
4,200
$ 20,600
Small Offices for Rent
C
W 38th Street & Ninth Avenue
2,500
$ Negotiable
B
W 36th Street & Seventh Avenue
2,400
$ Negotiable
A
1 Plz & West 33rd Street
2,400
$ 19,600
A
Broadway & West 39th Street
2,400
$ Negotiable
B
Avenue of the Americas & West 31st Street
2,100
$ 13,600
C
W 30th Street & Eighth Avenue
2,000
$ 9,200
Rent Coworking Office
Type of Space Class A/month Class B/month Class C/month
Windowed office/person $ 2013 $ 1250 $ 750
Interior office/person $ 1263 $ 750 $ 500
Team Rooms $ 10013 $ 8000 $ 5000
Suites $ 20013 $ 12000 $ 7000
Class Address SF Monthly Rent
Large Offices for Rent
A
9th Avenue & West 29th Street
112,500
$ Negotiable
B
W 34th Street & Ninth Avenue
45,600
$ Negotiable
C
Tenth Ave & West 79th Street
37,900
$ Negotiable
C
E 23rd Street & Lexington Avenue
21,600
$ 122,400
B
Fifth Ave & East 29th Street
12,500
$ 83,200
A
Bryant Park & Avenue of America
7,400
$ 61,000
Medium Offices for Rent
C
W 39th Street & Fifth Avenue
7,000
$ Negotiable
B
Park Ave S & East 26th Street
7,000
$ Negotiable
A
Avenue of the Americas & West 51th Street
7,000
$ Negotiable
C
Broadway & West 26th Street
4,000
$ 22,600
A
W 56th Street & 6th Avenue
3,800
$ 31,000
B
E 59th Street & Second Avenue
3,200
$ 24,800
Small Offices for Rent
A
Eighth Ave & West 49th Street
2,500
$ Negotiable
C
W 38th Street & Ninth Avenue
2,500
$ Negotiable
B
E 61st Street & Barclay Street
2,500
$ Negotiable
A
Park Ave & East 56th Street
1,900
$ 15,400
C
Broadway & East 21st Street
1,800
$ 11,000
B
W 40th Street & Avenue of America
1,600
$ 9,800
Office Tenants Rented / Leased Penn Plaza

Penn Plaza Office Rent Average

Building Class Year $ / SF
A 2019 72.0
A 2020 87.0
A 2021 67.0
A 2022 124.0
A 2023 118.0
Building Class Year $ / SF
B 2019 56.0
B 2020 196.0
B 2021 44.0
B 2022 52.0
B 2023 57.0
Year $ / SF Building Class

Penn Plaza


Geographic Boundaries

Penn Plaza is located mostly in Midtown South Manhattan from 30th to 34th Streets from north to south and Seventh Avenue to Ninth Avenue from east to west. The Penn Plaza area is within the larger Penn Station area, which is centered on the transportation hub and Madison Square Garden.

Businesses and Retail

The area has a mix of commercial office towers, transit-oriented retail, and hospitality uses. Retail at the ground floor along Seventh Avenue and 34th Street is largely composed of fast-casual dining chains, convenience stores, and national retailers that cater to daily commuters. Fine-dining and sit-down restaurants are less concentrated here than in other neighborhoods, but nearby Koreatown (32nd Street between Fifth and Sixth Avenues) has more upscale Korean BBQ and specialty restaurants. The Penn 1 building has limited retail, mainly targeting office worker needs.

Historical Attractions

The history of Penn Plaza relates back to the original Pennsylvania Station (1910-1963), whose demolition was at the heart of constructing the current Madison Square Garden (1968) and underground transit complex. The controversial replacement helped establish the identity of that locale as a transit hub instead of an architecturally significant location. Just north of Penn Plaza, Greeley Square marks an homage to 19th-century newspaper editor, Horace Greeley, with a small park at 32nd Street and Broadway.

Architectural Profile

The neighborhood features late-20th century commercial high-rises dominated by:

  • One Penn Plaza (1972): story office tower with 2.5 million sq ft. The tower is particularly noted for its modernism in the rectangular shape of the tower.
  • Madison Square Garden: A spherical arena with a 20,000 seat capacity.
  • Penn Station: An underground transportation complex used by Amtrak, the LIRR, and NJ Transit.

Notable Buildings

Key structures include:

  • 15 Penn Plaza (proposed): 1,270-foot supertall office tower by Vornado Realty Trust
  • Hotel Pennsylvania (1919): Formerly one of the world's largest hotels, now slated for redevelopment
  • Two Penn Plaza: 29-story office building connected to transportation infrastructure

Transportation Network

The area contains:

  • Subway Lines: 1/2/3, A/C/E, B/D/F/M, N/Q/R/W at 34th St-Penn Station and 34th St-Herald Square
  • Regional Rail: Amtrak, LIRR, NJ Transit at Penn Station
  • Bus Routes: M34-SBS, M7, M20 along major avenues
  • PATH Station: 33rd Street terminal connecting to New Jersey

Postal Codes

Primary ZIP codes include:

  • 10119: Exclusive to One Penn Plaza
  • 10001: Covers most commercial properties east of Eighth Avenue
  • 10018: Applies to western portions near Ninth Avenue

Corporate Tenants

Major office occupants typically include:

  • Financial services: Insurance firms and regional bank branches
  • Legal firms: Mid-sized practices occupying upper floors
  • Transportation operators: Amtrak corporate offices near station facilities
  • Technology tenants: Software companies in recently renovated spaces

🤝
Tenant Representation: Optimal Spaces acts exclusively as a "Tenant Broker," only representing tenants, never landlords.
⚖️
Unbiased Service: Avoiding conflicts of interest, they provide impartial service, showing a wider range of properties and negotiating the best price.
🗂️
Comprehensive Process: Agents guide clients end-to-end, offering market surveys, floor plans, pricing expectations, and industry contacts.
🐷
Cost Savings: They negotiate rental price and identify/abate "hidden costs."

Why Optimal Spaces –
Tenant Broker

  • No fee for clients renting space.
  • We work for YOU, not the landlord.
  • Save 15–20% on your business costs.
  • Save 100–200 hours of research.
  • Access to all available spaces.
  • Specialized real estate expertise.

Alone or with other broker

  • Miss deals and hard-to-find spaces.
  • Potential conflict of interest (often represent landlords).
  • Only 10% of available spaces are online.
  • Lack of specialized expertise.
  • May not get the best terms or uncover hidden costs.
Why Use a Tenant Broker: Your Advocate in Commercial Real Estate
1. The Crucial Distinction: Whose Side Are They On?
Landlord Rep (Listing Agent) — Fiduciary Duty: Landlord. Highest rent, best terms for landlord.
Tenant Rep (Tenant Broker) — Fiduciary Duty: Tenant Only. Lowest rent, best terms for tenant. Levels the playing field.
2. It Almost Always Costs You Nothing
3. Access to “Hidden” Inventory
4. Negotiating Beyond Base Rent
Landlord pays the broker fee — free expert representation for the tenant.
Access to hidden inventory: off-market listings, subleases, and future availabilities via broker databases and networks.
Negotiating beyond base rent: free rent, TI allowance, OPEX caps, and lease flexibility for renewal or expansion.
5. Time Savings & Process Management
6. Mitigating Risk (the “Gotchas”)
Tenant broker handles searching, scheduling, and RFPs — your outsourced real estate department with curated options and timeline management.
Mitigating risk: spotting pitfalls in LOI and lease such as restoration clauses and holdover penalties.
Summary: Don’t rely on the landlord’s agent. A tenant broker is your advocate, provides better data, negotiates a complete package, and typically costs you nothing.

Buildings Offices in Penn Plaza

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