Vornado Realty Trust (NYSE: VNO
) has extended its lease with Macy's (NYSE: M
) for 646,000 square feet at Eleven Penn Plaza. The extension places the retail giant at the building through 2035.
11 Penn Plz in Manhattan's Penn Plaza / Garment District is a 23-story, 1.05 million-square-foot, class A office building originally constructed in 1923 between 31st and 32nd Streets. Also known as the Matthew Bender Building, the property features ground-floor retail space, underground passage to Penn Plaza, and a marble lobby with 24-hour security and computerized elevators.
Vornado Realty Trust is a fully integrated equity real estate investment trust that owns nearly 9 million square feet of office, retail and hotel space in this New York City submarket. Macy's, Inc. is a retail organization operating stores in 48 states and U.S. territories under the Macy's and Bloomingdale's labels, selling a range of apparel and accessories, cosmetics, home goods and furnishings. The company has been in the news recently for its legal battles with Martha Stewart Living Omnimedia (NYSE: MSO
) and competitor J.C. Penney's (NYSE: JCP
) over exclusive rights to sell Martha Stewart products in its stores.