HIP's Expanded Penn Plaza Space Tops 150,000 SF

NEW YORK CITY-HIP Health Plan of New York has taken an additional 12,600 sf of expansion space at the Penncom building, 132 W. 31st St. The health plan provider already leases roughly 140,000 sf at the property, which is located less than a block from Madison Square Garden in the Penn Plaza district

GVA Williams executive managing director Brian Given represented HIP in the transaction, while S.L. Green Realty Corp. executive vice president Howard Tenenbaum brokered for Photobition. Details of the lease have not been released, but sublessor Photobition was asking $28 per sf for the space.

“Penncom Plaza recently underwent extensive renovations, including restoration of the lobby and upgrades to the buildings mechanical systems,” Given says. “HIP is getting top quality space at competitive rates.”

Penncom Plaza, built in 1925, is a 17-story office building owned by Greeley Acquisitions LLC/Taconic Investment. Newmark & Co. Real Estate Inc. handles leasing and management at the 425,000-sf property.