[[{“value”:”
Global insurance specialist CFC has committed to new office space at 5 Penn, relocating from its current address at 48 Wall St. in Manhattan. The company, which was founded in the 1990s and is recognized as one of the first firms worldwide to sell cyber insurance policies online, signed a seven-year lease for 13,065 square feet on the building’s second floor. The move marks a shift for CFC within Manhattan’s office market as it transitions into freshly upgraded space in the Penn District.
The lease is set within 5 Penn, a 26-story, 650,329-square-foot office tower in Midtown Manhattan. Ownership of the property is held by Stephen Haymes’s Haymes Investment Company, which has overseen an extensive renovation program at the asset. The improvements have repositioned 5 Penn as a modern office destination in the Penn District and within the emerging Hudson Yards / Manhattan West submarket, aiming to align the property with evolving workplace preferences.
Recent upgrades at 5 Penn focused on delivering a contemporary office environment and a more comprehensive amenity offering. The building’s repositioning emphasizes a hospitality-level amenity platform designed to prioritize wellness, collaboration, and the overall tenant experience. According to JLL vice chairman Mitch Konsker, who leads the property’s agency leasing team, the renovation anticipated current tenant demands by integrating these enhancements into the building’s offering.
On the leasing front, JLL serves as the agency team for 5 Penn, with Konsker joined by Kristen Morgan, Christine Colley, Greg Wang, Dan Turkewitz, and Kate Roush in representing ownership. Their mandate centers on marketing the newly renovated space and securing tenants seeking modern, amenitized offices in this part of Midtown Manhattan. For this transaction, CFC was represented by Joseph DeRosa and Taylor Walker of CBRE, who advised the tenant on its relocation from 48 Wall St. to its new second-floor premises.
The CFC lease underscores the ongoing effort by building owners in the Penn District and surrounding Midtown West areas to reposition existing office assets through capital improvements and amenity investments. By choosing a recently renovated property with a pronounced focus on tenant experience, CFC’s move highlights how upgraded Class A office buildings are positioning themselves to compete for occupiers in a changing office demand landscape.
The post Cyber Insurance Specialist CFC Leases 13K SF at Repositioned 5 Penn in Midtown Manhattan appeared first on CRE Market Beat.
“}]]
