Finance firms in talks to move to Vornado’s proposed Hotel Pennsylvania-replacing supertall
A rendering of the Pelli Clarke Pelli design for 15 Penn Plaza, courtesy of Vornado
Plans to replace the century-old Hotel Pennsylvania with a 1,216-foot office building have surfaced again. Financial firms Morgan Stanley and Deutsche Bank are reportedly contemplating a move to Vornado Realty Trust’s planned supertall skyscraper, 15 Penn Plaza, according to the Post. Vornado first won the city’s approval in 2007 to build a supertall at the location of Hotel Pennsylvania on Seventh Avenue and nearly signed a deal with Merrill Lynch to be a tenant until the financial crisis dissolved the agreement. This design, by Pelli Clarke Pelli, is being presented to the firms along with new options says a source.
Rendering of 2 Penn Plaza via Bjarke Ingles Group
If built, the three-million-square-foot supertall would sit across the street from 2 Penn Plaza, which provides an entrance to Penn Station and Madison Square Garden. Vornado also owns this site (in total they own about nine million square feet around Penn Station, worth $5.5 billion) and has floated plans to redevelop it with a new glass exterior designed by Bjarke Ingles. Tied together with the construction project at 15 Penn Plaza, they’d create a complex of 4.2 million square feet.
Current view of the Hotel Pennsylvania via Wikipedia
Moreover, by next month, Vornado, Related Companies, and Skanska will close on the purchase of the nearby Farley Post office, where an expected 750,000 square foot office tower will be constructed over the new Moynihan Train Hall. Governor Cuomo chose the three development companies to lead the project’s development in September.
[Via NY Post]
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