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Madison Square Garden Entertainment’s headquarters will stay next door to its namesake for another two decades.
MSG signed a 428K SF lease renewal at Vornado’s Two Pennsylvania Plaza, also known as PENN 2, which sits between 31st Street and 33rd streets as well as Seventh and Eighth avenues, the real estate investment trust announced.
Vornado is currently redeveloping the 1.8M SF, 31-story building and expects to be completed sometime in 2023. In Vornado’s new plan, One Penn Plaza and Two Penn Plaza will be combined to form a 4.4M SF office campus between the country's busiest train station and Hudson Yards to the west.
While MSG Entertainment is staying put in a renovated PENN 2, the same can be said for the arena whose name it bears.
The company operates the 18,000-seat Madison Square Garden, which has sat atop Penn Station since the late 1960s. In 2013, the city council extended MSG’s lease on the stadium for another 10 years after its initial 50-year lease ran out. MSG had pushed for an indefinite lease term at the time, The New York Times reported.
MSG CEO James Dolan plans to push for another indefinite extension when the current permit expires in 2023, the New York Post reported in May. Gov. Kathy Hochul released a new plan for the overhaul of Penn Station this month, a pared-back vision from the one championed by her predecessor from which Vornado would have greatly benefited.
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