2 Pennsylvania Plaza
This is a solid institutional office lease at a well-known Class A Midtown Manhattan asset, executed between a reputable REIT landlord and a growth-stage AI company with venture backing. The 10-year term at $125/SF provides Vornado with meaningful long-term cash flow stability in a Penn District submarket that has seen selective but real demand recovery from tech and AI tenants. Altana AI's relocation from Williamsburg to a premier Penn District address reflects genuine business expansion, though as a private company their credit profile is less certain than an investment-grade tenant. The transaction benefits from experienced representation on both sides — JLL, CBRE, and Vornado's in-house team — which reduces execution risk. The primary underwriting concern is tenant credit depth for a 10-year commitment, but the market positioning and landlord quality are strong mitigants.
Deal Stats
Parties
Seller / Landlord
Vornado Realty Trust is one of New York City's largest and most established office and retail REITs, with a dominant presence in the Penn District and significant Class A office holdings across Midtown Manhattan. Vornado has a long track record of institutional-grade leasing and asset management, though the company has faced headwinds in recent years from elevated Midtown office vacancy and rising interest rates.
Buyer / Tenant
Altana AI is a supply chain intelligence platform backed by significant venture capital funding, founded by CEO Evan Smith; the company's relocation from Williamsburg to Midtown signals meaningful organizational growth and a flight to institutional-quality office space. As a well-funded AI startup, their creditworthiness is above average for a tech tenant, though they carry typical startup risk relative to a publicly traded company.
Score Analysis
Why this score
Landlord Quality & Stability
Vornado Realty Trust is an institutional-grade REIT with deep Penn District expertise and proven ability to weather market cycles, reducing counterparty risk.
Tenant Credit Uncertainty
Altana AI is a private venture-backed startup without public financial disclosure or investment-grade ratings, creating meaningful credit risk over a 10-year lease term.
Market Timing & Submarket Recovery
The Penn District is experiencing selective tech/AI tenant demand recovery with strong institutional interest, validating the $125/SF pricing in a high-vacancy environment.
Deal Structure & Representation
Experienced brokers (JLL, CBRE) and in-house Vornado team involvement reduces execution risk and ensures market-standard lease protections.
Lease Term Risk
A 10-year commitment to a pre-Series C stage company with no public financials creates significant duration risk if the tenant encounters funding or operational challenges.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Secure Personal Guarantees or Equity Pledge
Require founder/investor guarantees or equity pledges from Altana's backers to backstop tenant performance and increase recourse options beyond the corporate entity.
Shorten Initial Term with Renewal Options
Restructure as 5+5 with renewal options rather than 10-year straight lease to allow credit re-evaluation and market repricing if tenant credit deteriorates.
Incorporate Expansion Upside Clause
Add future expansion rights or right-of-first-refusal language to capture additional economics if Altana's growth trajectory accelerates and they need more space.
Raw Deal Textclick to expand
traded + Submit Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Office Lease 2 Pennsylvania Plaza Share LEASED Altana AI Leases 62,000 SF Office Space At 2 Pennsylvania Plaza From Vornado Realty Trust $130 $130/SF BUILDING SIZE 62,000 SF ASSET TYPE CLOSING Jun 8, 2026 Overview Players Market Deal Summary Caption AI 2 Pennsylvania Plaza is located in Midtown Manhattan and is an office asset leased by Altana AI, occupying 62,000 square feet. The asking rent for the lease is $125 per square foot. The lease term is set for 10 years. Summary of transaction details: Property Type: Office Transaction Amount: Not disclosed Address: 2 Pennsylvania Plaza Landlord: Vornado Realty Trust Tenant: Altana AI Tenant's CEO: Evan Smith Landlord's Representatives: Glen Weiss, Josh Glick, Jared Silverman, and Anthony Cugini - Vornado Realty Trust Tenant's Representatives: Joseph Sipala - JLL and Sam Seiler - CBRE Lease Term: 10 years Square Footage: 62,000 Asking Rent: $125/ft The lease marks a significant relocation and expansion for Altana AI, as they move from 25 Kent Avenue in Williamsburg to one of Midtown's premier office assets in the Penn District. Josh Glick and Jared Silverman facilitated the internal representation for Vornado Realty Trust in this transaction. Joseph Sipala and Sam Seiler played key roles in representing Altana AI during the lease agreement. PLAYERS All Brokers Landlords | Tenants Sam Seiler CBRE BROKER $270M VOL 6 deals Contact Joseph Sipala JLL 8 deals Jared Silverman Vornado Realty Trust 5 deals Josh Glick LANDLORD Midtown Office Market Snapshot Neighborhood boundary · Office · Lease transactions Full Market → Comps Listings Investors 10 Top Brokers Lenders Loading comparables… Live NEARBY MARKETS NEIGHBORHOODS Long Island City Central Old Astoria Greenpoint Downtown West Commercial District Chinatown Lower East Side East Village West Village Midtown South West Clinton Lincoln Square Upper West Side BOROUGHS Staten Island Bronx Queens Manhattan Brooklyn CITIES Paterson Hackensack Bayonne Paramus East Orange Hoboken Newark Clifton Jersey City West New York Linden Fort Lee STATES North Carolina Virginia West Virginia Michigan Massachusetts Pennsylvania Vermont South Carolina New Hampshire District of Columbia New Jersey We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Ohio Oklahoma Oregon Rhode Island South Dakota Tennessee Texas Utah Washington Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed Nat @traded NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 300K+ The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use