Robinhood is under contract to occupy 125,392 square feet at PENN 2 in Midtown, according to CBRE's October Manhattan office report. This marks the largest deal of last month, at least according to the CRE firm's tracking.
The financial services firm is subleasing the space from James Dolan's Madison Square Garden, The Real Deal further reported.
Along with the largest deal of the month, the 31-story Penn District tower, owned by Vornado Realty Trust, also landed two other leases that were in the top five in Manhattan for October. This includes Dick's Sporting Goods, which secured 125,284 square feet and FGS Global, which signed for 80,770 square feet.
Some of PENN 2's major deals for all of 2025 include Verizon's more than 195,000 square feet and Dutch-based Universal Music Group's 22-year lease to take 336,000 square feet.
Safe to say the recent redevelopment of the roughly 1.8 million square foot property appears to be attracting tenants. The renovations included adding a new curtain wall, a 430-foot-long blockfront and implementing corner loggias on each floor of the building. For PENN 2, Vornado forecasted an incremental cash yield of 10.2 percent in its third-quarter earnings report.
Also, in the financial report, the REIT reported that its New York office occupancy stood at 88.4 percent. Moreover, in the third quarter, the firm struck 594,000 square feet worth of leases in the market.
For the Manhattan region as a whole, CBRE said that office leasing surged to 1.62 million square feet in October, which is 32 percent above the five-year quarterly average. Simultaneously, availability shrank by 300 basis points to 14.2 percent.
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