Insignia/ESG to handle leasing, management of 5 Penn Plaza

Real Estate Weekly, Feb 5, 2003

Insignia/ESG has just been awarded the prestigious assignment to manage and lease Five Penn Plaza, a 650,000-SF Class-A office building comprising the entire block front on Eighth Avenue between 33rd and 34th Streets. With nearly 75% of the leases in the building turning over in 2003-2004, landlord Stephen D. Haymes was looking to install a new team with a fresh approach to overseeing the leasing process.

The property had been under the aegis of Cushman & Wakefield who had managed and leased the 24-story building since 1995. However, prior to C&W, Insignia/ESG were the building's leasing and managing agents.

Insignia's Peter Turchin, Andrew Sachs, and Zachary Freeman will spearhead the leasing initiative, while Wayne Taub and Paul Allegretti will be in charge of property management. Insignia/ESG managed the property prior to Cushman & Wakefield.

"This is a challenging and exciting assignment," said Turchin. "Our re-appointment as leasing and management agents is a validation of Insignia's platform of services. Given our depth and knowledge of market information, we feel confident that we'll be able to add significant value to this building as leases rollover. The building is the closest among the Penn Plaza group to the new Penn Station, and we believe it has the potential of becoming Penn Station's signature office building."

According to Taub, "We are looking forward to working closely with our agency team in repositioning Five Penn Plaza. Our team of technical and operational experts work with ownership to ensure that we maintain and introduce the best systems in the property, ones that will attract and retain tenants of the highest quality.

"Insignia has significantly enhanced its plat form over the past seven years," said Haymes, "and I feel confident that given their understanding of the market, and the depth and accuracy of their market information, they will be successful in achieving our objectives at Five Penn Plaza."

Five Penn Plaza is currently home to a distinguished roster of tenants who include CNN, Thomas Publishing, the New York State Department of Health, and Lucent Technologies. Insignia/ESG takes the reins at Five Penn Plaza officially on Feb. 1.