Vornado Spends $70M On NYC Tower To Attract Millennials
In step with focusing on its core assets, Vornado shelled out $70M for an internal makeover on its 1960s-styled 90 Park Ave Manhattan tower to make the building more attractive to Millennials.
And it’s working—after swapping the lobby’s stodgy designs of the past for trendy white marble, Vornado has signed around 660k SF of new leases with 15 companies over the last two and a half years, the Wall Street Journal reports. Those companies, including PwC, range from finance to law, tech to media, but they all have one thing in common—Millennials.
Another thing in common is higher rent. Before the renovation, asking rents were $50 to $75/SF—now the property commands prices from $75 to $100-plus. [WSJ]