Vornado Realty Trust’s PENN 2 Achieves 90 Percent Leased
Rhea-AI Summary
Vornado Realty Trust (NYSE: VNO) reported that its reimagined PENN 2 office tower is now 90% leased after signing full-floor leases with technology firms Veeva and Altana.
Veeva leased 62,223 SF for 12 years on the 11th floor, while Altana signed a 10-year, 62,309 SF headquarters lease on the 21st floor. PENN 2 and neighboring PENN 1 form a 4.4 million SF connected campus above Penn Station with extensive amenities and outdoor spaces.
Positive
- PENN 2 office tower reached 90% leased occupancy
- New leases total about 124,500 square feet with Veeva and Altana
- Veeva signed a 12-year, 62,223 SF full-floor lease
- Altana signed a 10-year, 62,309 SF headquarters lease
- PENN 1 and PENN 2 together provide 4.4 million square feet of premium office space
- Campus offers 180,000 square feet of WorkLife amenities for tenants
Negative
- None.
News Market Reaction – VNO
In the Jun 9 session, VNO gained 6.22%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | Property refinancing | Positive | -1.7% | Completed $161M refinancing of fully leased 61 Ninth Avenue joint venture. |
| May 04 | Quarterly earnings | Negative | +2.0% | Reported Q1 2026 net loss and year-over-year FFO decline versus 2025. |
| Apr 29 | Share repurchase plan | Positive | +1.8% | Announced new $300M buyback after repurchasing 6.93M shares under prior plan. |
| Apr 29 | Preferred dividends | Neutral | -3.1% | Declared scheduled quarterly dividends on multiple preferred share series. |
| Apr 28 | Asset acquisition | Positive | -3.1% | Agreed to acquire 49% of Park Avenue Plaza at $1.1B valuation, 99% occupied. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news often saw price divergence from the apparent news tone, with several positive corporate actions followed by negative price reactions.
Over the last few months, Vornado reported multiple balance-sheet and portfolio actions, including a $161M refinancing of 61 Ninth Avenue, a new $300M share repurchase program, and the planned purchase of a 49% interest in Park Avenue Plaza at a $1.1B valuation. Q1 2026 results showed a $22.8M net loss versus prior-year income, while preferred dividends and refinancing activity continued. Today’s PENN 2 leasing milestone builds on earlier disclosures that PENN 2 had reached 80% occupancy with significant leasing progress in 2025.
Key Terms
curtain wall technical
loggias technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vornado Completes 125,000 SF of Leases with Leading Technology Companies Veeva and Altana at its Reimagined PENN District Office Tower
NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) today announced that PENN 2, its reimagined office tower in the heart of THE PENN DISTRICT campus, is now 90 percent leased after completing full-floor leases with both Altana AI and Veeva.
Veeva will occupy 62,223 square feet across PENN 2’s entire 11th floor under a 12-year lease. Veeva, a leading provider of cloud software, AI, data and consulting services tailored for the global life science community, helps companies develop and bring products to the market more efficiently.
In a 10-year, 62,309 square foot lease agreement, Altana will establish its new headquarters on the entire 21st floor of the 31-story tower. Altana's AI-powered trusted trade network connects the world's largest logistics providers, businesses, and their suppliers with government agencies like U.S. Customs and Border Protection — all around a shared source of product information. Businesses connect to Altana to automate trade compliance, navigate tariff complexity, and build supply chain resilience. Government agencies connect to Altana to design and enforce trade and economic security policies.
“We didn’t merely renovate PENN 2 – we completely reinvented it, transforming a once legacy office tower into a world-class work environment atop the most connected transportation hub in the Western Hemisphere,” said Glen Weiss, Executive Vice President - Office Leasing and Co-Head of Real Estate for Vornado Realty Trust. “The most impressive aspect is the fact that PENN 2 has become the headquarters for so many iconic blue-chip companies, including Madison Square Garden Entertainment, Universal Music Group, Major League Soccer, Verizon and Dick’s Sporting Goods. We are pleased to welcome Altana and Veeva to PENN 2’s best in class tenant roster.”
"New York City has been a key Veeva hub for tech and consulting talent,” said Sarah Caldwell, New York City site leader and CEO of Veeva Crossix. “We’re excited that the new space will support more employee and customer connection and provide both a productive and collaborative environment."
Altana CEO and Co-Founder Evan Smith said, “Our mission is to fix globalization. PENN 2 sits at the center of one of the most connected hubs in the world — it's exactly the kind of place where that work should happen.”
Vornado completely transformed PENN 2 by creating a modern and highly efficient curtain wall, a striking triple-height lobby and 16 distinctive double-height outdoor tenant loggias. The building features 72,000 square feet of outdoor green spaces; The Perch, a rooftop glass pavilion and event space that opens onto a lushly landscaped 17,000 square foot private green space available to all tenants; and a 280-seat Town Hall suspended above a sprawling pedestrian plaza on 33rd Street. The new PENN 2 also encompasses 30,000 square feet of curated retail, including The Dynamo Room, a 7,100 square foot full-service restaurant and bar by Sunday Hospitality.
Together with its neighboring PENN 1, the towers create a two-building connected campus in the heart of THE PENN DISTRICT. The twin projects encompass 4.4 million square feet of premium office space; a host of new and improved entrances to Penn Station and the surrounding subway system; and acres of new public plazas, landscaping, and granite stone-paved sidewalks.
All PENN DISTRICT tenants have access to 180,000 square feet of Vornado’s WorkLife program, the most extensive and comprehensive amenity package in the City, highlighted by The Landing, a full-service restaurant, bar and private dining rooms; a 53,000 square foot sports, wellness and fitness center; and 100,000 square feet of flexible workspace and conference facilities.
THE PENN DISTRICT campus is situated directly above Penn Station, North America’s most accessible and active mass transit hub. A total of 15 subway lines, along with Long Island Rail Road, New Jersey Transit, PATH and Amtrak all converge in the district. They will be joined by Metro-North commuters starting in 2027.
Additional information on PENN 2 and images can be found at https://www.vnopenn2.com/.
About Vornado Realty Trust
Vornado is a fully integrated real estate investment trust (“REIT”) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with
C O N T A C T
Thomas J. Sanelli
(212) 894-7000
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
