JLL arranges new lease that bolsters diverse tenancy attracted to amenity ecosystem in Vornado’s PENN DISTRICT
JLL announced today it has completed a new lease for pioneering biotechology company LB Pharmaceuticals Inc at PENN 1, the 55-story tower redeveloped by Vornado Realty Trust as part of THE PENN DISTRICT, the reimagination of the neighborhood surrounding Penn Station.
LB Pharma is a clinical-stage biopharmaceutical company developing novel therapies for the treatment of neuropsychiatric diseases, including schizophrenia. LB Pharmawill relocate and expand from 575 Madison Ave. in the third quarter of 2024 to occupy 8,906 square feet of space on the 10th floor of PENN 1 with administrative and executive offices.
Located at the intersection of 34th Street and Seventh Avenue,PENN 1 is a 2.5 million-square-foot tower with breathtaking 360-degree views of the city and direct access to Penn Station and the new Moynihan Train Hall.
“We are pleased to welcome LB Pharma to PENN 1, where they will join our growing list of new office tenants in the most forward-thinking amenity rich office campus in Manhattan,” said Glen Weiss, Co-Head of Real Estate and EVP of Office Leading at Vornado. “PENN 1 is located at the doorstep to the city’s new West Side with unmatched transportation connectivity across New York and beyond, a vibrant neighborhood that has recently welcomed more than 70 new food & beverage establishments and home to the new Plaza 33 serving as the promenade to it all.”
PENN 1 features Vornado’s signature WorkLife amenities across 160,000 square feet. Guests and tenants are welcomed by a dramatic lobby with double-height ceilings that leads to a grand social stair with bleacher seating for events and programming. Elevated dining options include The Landing, a full-service restaurant with multiple private dining rooms, Blue Ribbon Sushi & Steak, Blue Bottle Coffee and Office Hours, a grab-and-go café. The building has multiple tenant lounges, a library and fireplace lounge, 80,000 square feet of flexible office space and 20,000 square feet of conference space powered by Industrious, and a 50,000 square-foot Life Time Fitness that is home to the city’s largest indoor pickleball facility.
Tenants also experience onsite healthcare with clinicians from Columbia University Irving Medical Center, who are affiliated with NewYork-Presbyterian, ranked among the nation’s best hospitals, and a full events program designed to promote education, innovation, community and creativity within the campus.
Thomas Burrus, JLL Associate Vice President and member of the firm’s New York City Life Science team, represented LB Pharmain the new lease. Vornado Realty Trust was represented in house by Josh Glick, Jared Silverman, Anthony Cugini and Jordan Donohue.
Said Burrus, “Vornado has created a spectacular office environment that promotes self-care as part of work life and LB Pharma was immediately drawn to the comprehensive offering that is unmatched in the city. PENN 1’s tremendous connectivity also positions it at the top of the tenant experience wish list and made it even more appealing to employee-focused LB Pharma.”
LB Pharmawill join a powerful roster of tenants at PENN 1 that includes Dell Technologies, Samsung, Canaccord Gennuity Group, Empire Heath, Cisco, Hartford Insurance, Jacobs Engineering, Morgan Stanley, and Wells Fargo.
Anchored by Vornado’s 10 million square feet of commercial property, THE PENN DISTRICT is transforming the neighborhood with new transportation, public green space, food and beverage, and offices for the workforce of the future. Increasingly, life science will be a greater part of that workforce. JLL research shows the presence of leading technology firms, world-renowned medical research centers, academic institutions, and successful pharmaceutical and biotechnology companies have positioned the city as one of the most sought-after emerging life science clusters in the nation.
About LB Pharmaceuticals Inc
LB Pharma is a clinical-stage biopharmaceutical company developing novel therapies for the treatment of neuropsychiatric diseases, including schizophrenia. LB Pharma is building a pipeline that leverages the broad therapeutic potential of its lead product candidate, LB-102, a novel, patent-protected, methylated derivative of amisulpride for the treatment of schizophrenia and other neuropsychiatric diseases. LB Pharma was founded in 2015 and is based in New York City.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
