JLL has completed a new transaction for PUMA SE at 5 Penn Plaza with building owner Haymes Investment Co. The sports brand inked a lease for 28,977 square feet at the Class A, 687,384-square-foot office building.
The tenant, Puma, was represented by Bob Gibson, vice chairman, along with Jim Wenk, executive managing director, and Kirill Azovtsev, executive vice president, all with JLL. The building owner was represented by Peter Turchin, vice chairman; Jason Pollen, senior vice president; and Hilary Whittier, associate, all with CBRE Group Inc.
“We were delighted to assist Puma in finding a terrific location for its new office and showroom headquarters in New York,” said Gibson. “The combination of the recently repositioned 5 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.”
PUMA inked a 10-year lease for 28,977 square feet and will occupy the entire 21st floor at 5 Penn Plaza, which is located on Eighth Avenue between West 33rd and West 34th streets across the street from Madison Square Garden and New York Pennsylvania Station. The sports brand is relocating from 209 West 38th Street, and is opening an expanded sales office and showroom within its new space.
The 24-story 5 Penn Plaza was designed by John and Edward Larkin, and constructed in 1916. Haymes Investment completed a multimillion capital improvement program at the building in 2016.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services. In 2017, the New York tri-state team completed approximately 40.9 million square feet of lease transactions; arranged investment sales, notes, debt and equity transactions valued at more than $1.6 billion; managed projects valued at $7.9 billion; and oversaw a property management, facilities management and agency leasing portfolio exceeding 147.8 million square feet.
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