HR Tech Firm Gusto Expands to 76K SF at Vornado’s Penn 1
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $14.7B across 78 reported transactions. All Office coverage →
- 12 stories mentioning Vornado on the wire in the past 90 days. Vornado coverage →
Computed from Real Estate Trail’s own tracked coverage
Human resources technology company Gusto has doubled its footprint at Vornado Realty Trust ’s 2.5 million-square-foot Midtown office tower Penn 1 , also known as 1 Pennsylvania Plaza . The deal includes a 13-year leas…
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