Gusto Expands Office Space at Vornado's Penn 1 to 76,000 Square Feet
Gusto has expanded its office footprint in Manhattan by doubling its space within Vornado Realty Trust’s Penn 1 building. The HR technology company signed a new lease for 38K SF on the 47th floor and renewed an existing 38K SF lease on the 52nd floor, totaling 76K SF across two floors. The expansion is part of a long-term commitment with a 13-year term for the new space and a five-year renewal for the current one at $135 per square foot in asking rent. The move aligns with strong leasing demand in Midtown Manhattan, particularly within Vornado’s Penn District, where availability has dropped to just 6.7%, the lowest level in Manhattan according to CBRE data. This expansion reflects Gusto's growth and confidence amid a tightening commercial real estate market for Class A office spaces. Vornado recently completed a $450 million renovation of Penn 1, including sustainability upgrades, new plazas, elevators, lobbies, and food/recreational amenities at the building’s base. The lease was brokered by CBRE's Jeff Fisher, Sacha Zarba, and Connor Krup for Gusto, while Vornado handled its side in-house.
Topics: commercial real estate leasing corporate relocation office expansion