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Positive leasing momentum and higher rent inflows at PENN 1/2 can lift near-term cash flow and potentially attract multiple expansion for VNO. The 90%+ occupancy and $135/sf PENN 1 rent imply stronger pricing power for flagship assets, though execution risk remains if market demand softens or rents overshoot fundamentals.
What happened, with direct paths to the underlying reporting
Vornado reports a 38,000-square-foot Gusto lease at PENN 1, lifting occupancy above 90% and signaling solid demand for flagship assets. In H1, Manhattan office leasing totaled 978,000 square feet with an average starting rent near $105 per square foot, underscoring pricing power. Roth framed the PENN upgrades as a 25% ROIC effort on a $450 million investment.
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