Verizon Relocates to PENN 2 in THE PENN DISTRICT: A Win for Vornado Realty Trust

Vornado Realty Trust announced a 19-year lease agreement with Verizon, which will relocate its New York headquarters to PENN 2, occupying nearly 200,000 square feet of office space and establishing a flagship retail location. The relocation highlights Vornado's commitment to creating dynamic work environments in New York City. The long-term lease commitment may pose risks if market conditions change or if Verizon's space requirements evolve.