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

Rhea-AI Summary

Vornado (NYSE: VNO) has engaged Newmark as exclusive leasing agent for the next phase of THE PENN DISTRICT retail renaissance, part of a $2.5 billion revitalization of its West Side Manhattan campus. Vornado has already developed 1.1 million sq ft of new retail and redeveloped 5 million sq ft of office.

The collaboration will focus on a cohesive street-level retail corridor along Seventh Avenue (33rd–34th Streets), Moynihan Retail Corridor work, and complement anchors including Macy’s and Primark’s 78,000 sq ft flagship opening this spring.

Positive

• Announces $2.5 billion revitalization of THE PENN DISTRICT
• 1.1 million sq ft of new retail developed within PENN DISTRICT holdings
• Partnership with Newmark for exclusive leasing to unify street-level retail
• Primark 78,000 sq ft flagship scheduled to open this spring, enhancing foot traffic

Negative

• None.

Key Figures

Revitalization budget: $2.5 billion Office space redeveloped: 5 million square feet Public plaza space: 300,000 square feet +3 more

6 metrics

Revitalization budget $2.5 billion Revitalization of THE PENN DISTRICT campus

Office space redeveloped 5 million square feet Class A office space over past decade

Public plaza space 300,000 square feet Inviting public plazas created in THE PENN DISTRICT

New retail space 1.1 million square feet Retail developed throughout PENN DISTRICT holdings

Food & beverage purveyors more than 70 Curated food and beverage offerings in new retail

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

Market Reality Check

Price: $31.88 Vol: Volume 1,748,280 vs 20-da...

normal vol

$31.88 Last Close

Volume Volume 1,748,280 vs 20-day average 1,334,142 (relative volume 1.31x) ahead of this retail-focused update. normal

Technical Shares at $31.88 are trading below the 200-day MA of $37.36, and 29.73% below the 52-week high of $45.37.

Peers on Argus

VNO’s modest 0.28% gain came alongside mixed peer moves: KRC +0.35%, DEI +0.19%,...

VNO’s modest 0.28% gain came alongside mixed peer moves: KRC +0.35%, DEI +0.19%, while SLG and CUZ were slightly negative and CDP rose 2.73%. This pattern points to stock-specific rather than broad sector momentum.

Historical Context

5 past events · Latest: Jan 26 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 26	Loan refinancing	Positive	-0.9%	$250M non-recourse refinancing of Amazon-leased 7 West 34th Street.
Jan 21	Earnings logistics	Neutral	+0.9%	Announcement of 2025 Form 10-K filing date and Q4 earnings call.
Jan 07	Site acquisition	Positive	+2.9%	$141M purchase of 3 East 54th Street Plaza District development site.
Jan 07	Bond offering	Positive	+2.9%	$500M 5.75% senior notes due 2033 to refinance 2026 maturities.
Jan 07	Credit extensions	Positive	+2.9%	Extensions and upsizing of revolving credit facilities and term loan over $2B.

Pattern Detected

Recent financing and acquisition announcements generally saw positive price reactions, with one divergence where refinancing news coincided with a small decline.

Recent Company History

Over the past month, Vornado has focused on balance sheet management and selective growth. On Jan 7, it extended over $2.0 billion in credit facilities and priced $500 million of 7-year notes, both followed by a +2.88% reaction. The acquisition of 3 East 54th Street for $141 million the same day also aligned with that move. A $250 million refinancing on Jan 26 saw a mild -0.93% divergence. Today’s PENN DISTRICT retail-leasing update fits into this broader redevelopment and capital-optimization narrative.

Market Pulse Summary

This announcement details the next phase of Vornado’s $2.5 billion PENN DISTRICT revitalization, inc...

Analysis

This announcement details the next phase of Vornado’s $2.5 billion PENN DISTRICT revitalization, including over 5 million square feet of upgraded Class A offices and 1.1 million square feet of new retail. Engaging Newmark as exclusive leasing agent for key corridors aims to deepen the tenant mix around anchors like a 78,000 sf Primark flagship. Investors may track leasing progress, rent levels, and tenant quality as future indicators of how effectively this strategy translates into long-term value.

Key Terms

class a office space

1 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.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) today announced it has named Newmark 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.

“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 Vornado Executive Vice President and Co-Head of Real Estate Glen 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.”

“It is a privilege to partner with Chairman and CEO Steve Roth, 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.”

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.

C O N T A C T

Thomas J. Sanelli
(212) 894-7000

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

FAQ

What did Vornado (VNO) announce on February 2, 2026 about THE PENN DISTRICT?

They named Newmark as exclusive leasing agent for the next phase of THE PENN DISTRICT retail transformation. According to Vornado, this work is part of a $2.5 billion revitalization and builds on 1.1 million square feet of newly created retail.

How will the Vornado and Newmark partnership affect retail along Seventh Avenue near 33rd–34th Streets?

It will develop a cohesive street-level retail corridor on both sides of Seventh Avenue between 33rd and 34th Streets. According to Vornado, the corridor is designed to complement anchors like Macy’s and Primark’s 78,000 sf flagship opening this spring.

What existing retail and public-space progress does Vornado cite in THE PENN DISTRICT redevelopment?

Vornado highlights redevelopment of over 5 million sq ft of Class A office and creation of more than 300,000 sq ft of public plazas. According to Vornado, the area also features 70+ curated food and beverage purveyors and new dining anchors.

What role will Newmark play in the Moynihan Train Hall and Moynihan Retail Corridor for Vornado (VNO)?

Newmark will advise and lease retail spaces serving as the central spine of the Moynihan Train Hall. According to Vornado, this work aims to build a diverse dining and retail scene anchored by established dining partners in the train hall.

Does the Vornado announcement mention any major retail openings tied to the Penn District redevelopment?

Yes, the release notes Primark’s 78,000 sq ft flagship store is scheduled to open this coming spring. According to Vornado, this flagship will act as a key anchor alongside Macy’s in the redeveloped corridor.