Newmark Engaged by Vornado Realty Trust for Next Phase of THE PENN DISTRICT Retail Renaissance

Rhea-AI Summary

Vornado Realty Trust (NYSE: VNO) has appointed Newmark (Nasdaq: NMRK) as exclusive leasing agent for the next phase of retail redevelopment in THE PENN DISTRICT on Manhattan's West Side. The effort supports Vornado's $2.5 billion revitalization and builds on 1.1 million square feet of new retail and more than 5 million square feet of redeveloped Class A office.

Newmark's retail leadership team will manage leasing for a cohesive street-level retail corridor on Seventh Avenue between 33rd and 34th Streets and the Moynihan Retail Corridor, complementing anchors including Macy's and Primark's 78,000 sf flagship opening this spring.

Positive

• Vornado committing $2.5 billion to PENN DISTRICT revitalization
• Newmark named exclusive leasing agent for next retail phase
• 1.1 million sf of new retail already developed in PENN DISTRICT
• Redevelopment foundation: > 5 million sf of Class A office repositioned
• Primark 78,000 sf flagship opening this Spring to anchor corridor
• Retail mix includes 70+ curated food and beverage purveyors

Negative

• None.

News Market Reaction

-2.64%

1 alert

-2.64% News Effect

On the day this news was published, NMRK declined 2.64%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

PENN DISTRICT revitalization budget: $2.5 billion Redeveloped office space: More than 5 million sq ft Public plaza space: More than 300,000 sq ft +3 more

6 metrics

PENN DISTRICT revitalization budget $2.5 billion Revitalization of THE PENN DISTRICT campus

Redeveloped office space More than 5 million sq ft Class A office space in THE PENN DISTRICT

Public plaza space More than 300,000 sq ft Inviting public plazas in THE PENN DISTRICT

New retail space 1.1 million sq ft Retail developed throughout PENN DISTRICT holdings

Food and beverage purveyors More than 70 Curated food and beverage tenants in newly created space

Primark flagship size 78,000 sf Primark flagship store on Seventh Avenue corridor

Market Reality Check

Price: $16.85 Vol: Volume 1,748,280 vs 20-da...

normal vol

$16.85 Last Close

Volume Volume 1,748,280 vs 20-day average 1,334,142 (1.31x), indicating elevated trading interest pre-announcement. normal

Technical Shares at 31.88, trading below 200-day MA of 37.36 and about 29.73% under the 52-week high.

Peers on Argus

VNO gained 0.28% while peers showed mixed moves: KRC +0.35%, DEI +0.19%, CDP +2....

VNO gained 0.28% while peers showed mixed moves: KRC +0.35%, DEI +0.19%, CDP +2.73%, SLG -0.31%, CUZ -0.20%. No broad, unified REIT-office rotation is evident.

Historical Context

5 past events · Latest: Jan 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 26	Asset refinancing	Positive	-0.9%	Completed $250M non-recourse refinancing of Amazon-leased 7 West 34th Street.
Jan 21	Earnings logistics	Neutral	+0.9%	Announced Form 10-K filing timing and Q4 2025 earnings call details.
Jan 7	Site acquisition	Neutral	+2.9%	Acquired 3 East 54th Street site for $141M with 232,500 buildable sq ft.
Jan 7	Debt offering	Neutral	+2.9%	Priced $500M of 5.75% senior unsecured notes due 2033 under public offering.
Jan 7	Credit extension	Positive	+2.9%	Extended and upsized revolving credit and term loan facilities over $2B total.

Pattern Detected

Recent financing and balance sheet actions generally saw positive price alignment, with one refinancing headline drawing a negative reaction despite its de-risking tone.

Recent Company History

Over the past month, Vornado has focused on balance sheet and portfolio positioning. On Jan 7, it refinanced over $2.0 billion of credit facilities and priced $500 million of 7-year notes, with the stock rising about 2.88%. The same day, it acquired 3 East 54th Street for $141 million, also associated with a 2.88% move. A later $250 million refinancing on Jan 26 saw a modest decline of about 0.93%. Today’s PENN DISTRICT retail leasing mandate fits this ongoing theme of repositioning key Manhattan assets.

Market Pulse Summary

This announcement highlights Vornado’s expanding role in THE PENN DISTRICT, where a $2.5 billion rev...

Analysis

This announcement highlights Vornado’s expanding role in THE PENN DISTRICT, where a $2.5 billion revitalization has already delivered more than 5 million sq ft of Class A offices, over 300,000 sq ft of plazas, and 1.1 million sq ft of new retail. The exclusive leasing engagement with Newmark for the next retail phase, including the Seventh Avenue corridor and Moynihan Train Hall, extends a series of balance sheet and development moves seen in recent weeks.

Key Terms

class a office space, public-private partnerships

2 terms

class a office space technical

"Vornado has redeveloped more than 5 million square feet of Class A office space"

Class A office space is the highest-quality commercial office property in a market, typically newer or recently renovated, located in prime areas, built to modern standards, and offering premium amenities and finishes. For investors, Class A buildings tend to attract stable, creditworthy tenants and command higher rents and resale values—think of them as the ‘first-class’ seats of office real estate, usually with lower vacancy risk but higher upfront cost.

public-private partnerships technical

"and led a series of public-private partnerships to enhance the area's transit infrastructure"

Public-private partnerships are collaborative agreements between government entities and private companies to jointly fund, build, or operate projects that serve the public interest, such as infrastructure, transportation, or healthcare facilities. These arrangements allow both sectors to share resources, risks, and benefits, often leading to more efficient or innovative solutions. For investors, such partnerships can create opportunities in stable, long-term projects with potential for consistent returns.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 2, 2026 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, today announced the Company has been named by Vornado Realty Trust as the exclusive leasing agent for the next stage in its retail transformation in THE PENN DISTRICT on Manhattan's new West Side.

Vornado has tapped the Newmark retail team overseen by Chairman of Global Retail Mark Masinter, who will work closely with Newmark's Retail Vice Chairman Karen Bellantoni, Jackie Totolo, Pierce Thompson and Nick Masinter.

The reinvention of Vornado's retail holdings is a core component of its $2.5 billion revitalization of THE PENN DISTRICT campus. Over the past decade, Vornado has redeveloped more than 5 million square feet of Class A office space, introduced more than 300,000 square feet of inviting public plazas, and led a series of public-private partnerships to enhance the area's transit infrastructure. In conjunction with these projects, Vornado has developed 1.1 million square feet of new retail throughout its PENN DISTRICT holdings.

The newly created space is now home to a wide array of retailers, including more than 70 curated food and beverage purveyors.  Plaza 33, the newly landscaped pedestrian square, is populated with a series of standout restaurants including The Dynamo Room, Bar Primi and Blue Ribbon Sushi & Steak. At the new Moynihan Train Hall, Vornado has created a diverse dining scene anchored by Avra Estiatorio. Vornado also led the expansion and redevelopment of the Long Island Rail Road concourse, Penn Station's main underground passageway, which is now fully lined with a mix of national and local dining options and retailers.

Vornado is now in the initial stages of creating a cohesive street-level retail experience along both sides of Seventh Avenue between 33^rd and 34^th Streets. Working with Newmark, Vornado will develop this corridor to complement its existing anchors, Macy's and Primark's 78,000 sf flagship store set to open this coming Spring. Newmark will also work with Vornado on its Moynihan Retail Corridor, which serves as the central spine of the Moynihan Train Hall.

"It is a privilege to partner with Chairman and CEO Steve Roth, Executive Vice President and Co-Head of Real Estate Glen Weiss and the entire Vornado team – one of the most significant and visionary real estate owners not just in New York City, but across the continent – as we take on this extraordinary responsibility," Mark Masinter said. "With Madison Square Garden as the world's premier venue, Penn Station as the western hemisphere's busiest transit hub, and 34th Street and Seventh Avenue among the most active intersections in North America, the opportunity to help shape the future of THE PENN DISTRICT is a remarkable honor for Newmark to advise."

"Through our redevelopment of THE PENN DISTRICT, we have thoughtfully curated a diverse blend of local and nationally owned restaurants, cafes and shops that offer something for all workers, residents, commuters and visitors who experience the neighborhood on a daily basis," said Weiss. "We have methodically remade THE PENN DISTRICT as a 24/7 neighborhood for every occasion and every taste. The success of our transformative work is evident across all corners of the neighborhood. In partnership with Mark and the Newmark team, we will make THE PENN DISTRICT retail environment New York's next big event."

About Vornado Realty Trust
Vornado (NYSE: VNO) is a fully integrated real estate investment trust ("REIT") with a 26 million square-foot portfolio of premier New York City office, retail and multifamily 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 100% of our in-service office buildings LEED certified and over 95% certified LEED Gold or Platinum.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2025, Newmark generated revenues of over $3.1 billion. As of September 30, 2025, Newmark and its business partners together operated from approximately 170 offices with over 8,500 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

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SOURCE Newmark Group, Inc.

FAQ

What did Vornado announce about retail redevelopment in THE PENN DISTRICT (VNO) on Feb 2, 2026?

Vornado named Newmark as exclusive leasing agent for the next retail phase in THE PENN DISTRICT. According to Vornado, this work supports a $2.5 billion revitalization and aims to knit together new retail along Seventh Avenue and the Moynihan Retail Corridor.

How much retail has Vornado already developed in THE PENN DISTRICT and what role will Newmark (NMRK) play?

Vornado has developed 1.1 million square feet of new retail in the district. According to Vornado, Newmark will manage exclusive leasing to activate street-level corridors and the Moynihan Retail Corridor, aligning tenants with existing anchors.

Which anchors and major openings will shape the Seventh Avenue retail corridor near Penn Station?

The corridor will complement anchors including Macy's and Primark's 78,000 sf flagship, opening this spring. According to Vornado, these anchors plus curated dining and retail will form a cohesive street-level experience for commuters and visitors.

Who leads Newmark's team assigned to Vornado's PENN DISTRICT retail leasing (NMRK)?

Newmark's retail team is overseen by Chairman of Global Retail Mark Masinter with Vice Chairman Karen Bellantoni and senior brokers Jackie Totolo, Pierce Thompson and Nick Masinter. According to Newmark, they will execute leasing strategy for the district.

What public improvements and prior redevelopment support Vornado's PENN DISTRICT plan?

Vornado has redeveloped over 5 million square feet of Class A office and added more than 300,000 sf of public plazas, plus transit partnerships. According to Vornado, these projects underpin the retail transformation and increased pedestrian activation.