Snapchat Parent Snags 200K SF Sublease At Penn 2: The N.Y. Deal Sheet – Bisnow

Add a popular social network to the list of technology firms expanding their footholds in Manhattan. Vornado Realty Trust’s Penn 2, where Snapchat’s parent company signed a sublease with Verizon this week at premium on the sublandlord’s rent Snapchat parent company Snap Inc. signed a 199K SF sublease at Vornado Realty Trust’s Penn 2, according to Colliers’ July NYC office report.It is unclear how much Snap is paying, but Crain’s New York Business reported that average rents in the 1.6M SF tower started at $109 per SF last year. Santa Monica, California-based Snap is taking over three of Verizon’s floors inside the 31-story tower at a premium to the telecommunications giant’s rent, Commercial Observer reported. The deal runs through to 2044. The social media giant joins a tenant roster inside the trophy skyscraper that includes Madison Square Garden Entertainment, Universal Music Group and Major League Soccer.  Manhattan is fast becoming a landlord’s market when it comes to office, squeezing tenants to find space amid expansion pushes from tech and law firms. Year-to-date leasing volume is almost 26.7M SF, growing by 22.1% from last month as Anthropic’s 466K SF deal bolstered the month’s total. In June, average asking rents reached their
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