Nov 7, 2025

The two biggest Midtown Manhattan office leases signed in October were both inked by household names in the same building. Courtesy of Vornado Realty Trust Penn 2, a 31-story office tower next to Madison Square Garden that Vornado spent nearly $750M to redevelop. Stock and crypto trading app Robinhood signed a 125K SF sublease, and Dick's Sporting Goods  agreed to a 125K SF direct lease at Penn 2 last month, according to CBRE 's third-quarter market report. Vornado Realty Trust has spent nearly $750M redeveloping the 1.6M SF office building adjacent to Madison Square Garden , and it has been among the most sought-after addresses in Midtown for corporate giants. Verizon signed a 200K SF lease this summer to  move its headquarters to the 31-story building, and Vornado announced this week that consulting firm FGS Global took space in the tower. The Real Deal reported  FGS’ lease is 80K SF on a 15-year term. A Vornado spokesperson declined to comment about the Robinhood and Dick's deals but confirmed  TRD's report that fintech firm Current has also signed a 62K SF lease in the building. Vornado CEO Steve Roth said on a call with analysts this week that the Manhattan office giant has signed more than 1.3M SF of leases at Penn 2, including 325K SF in the third quarter and 188K SF since the start of October. The building is now 78% leased, and Vornado expects to hit its target of 80% leased by the end of the year. “Average rent this quarter is over $112 a foot [at] Penn 2, so the rents keep moving up, up and up,” Vornado Executive Vice President of Office Leasing Glen Weiss said on the call. “We keep repricing the space almost on a daily basis. In terms of the remaining space, it's a lot of single floors, mainly in the tower. So we feel really good about that, confident in our approach. We have a lot of deals in the works right now.” Citing an unnamed source,  TRD reported  that Robinhood signed a sublease deal with MSG Entertainment, which has more than 400K SF in the tower, and that the Dick's deal isn't yet finalized. Spokespeople for Robinhood and Dick's didn't respond to Bisnow's requests for comment. Office leasing overall in Manhattan remained strong in October, with 2.8M SF of leases signed, 48% more than the average month over the past five years, according to CBRE's October report. Tenants have absorbed nearly 10M SF of office space so far in 2025, and the availability rate has fallen 250 basis points over the past year to 16.4%, CBRE said. Contact Ethan Rothstein at ethan.rothstein@bisnow.com