You’ve probably walked right past 5 Penn Plaza and didn't even realize it. It’s sitting there, right across from Madison Square Garden and Penn Station, a massive limestone and brick beast that basically defines the gritty, high-octane energy of Midtown West. It’s not a glassy supertall. It doesn't have a tapering spire or a celebrity architect's name plastered on the lobby. But for anyone doing business in New York City, this building is a fascinating study in how a structure survives a century of radical change.
Think about the location for a second.
Penn Station is the busiest transit hub in the Western Hemisphere. It's chaotic. It’s loud. And 5 Penn Plaza sits right in the eye of that storm. Built back in 1916—originally known as the Master Printers Building—it was meant for heavy machinery and industrial-scale printing. That's why the floors feel so solid under your feet. They were literally designed to hold up massive, vibrating printing presses. Today, those same bones house tech companies, media giants like SiriusXM, and law firms. It’s a pivot that shouldn't work on paper, but in the weird reality of Manhattan real estate, it works perfectly.
What 5 Penn Plaza actually looks like on the inside
When you walk into the lobby, you're not getting that cold, sterile "Type A" office vibe that you find over at Hudson Yards. It’s been renovated, sure. Haymes Investment Company, which has owned the building for decades, dumped millions into a glassy, modern entrance on Eighth Avenue. They added a massive glass canopy and a lobby that actually feels like you can breathe in it. But it still feels like New York.
The ceiling heights are the real secret weapon here.
Most modern office buildings have these cramped, 9-foot ceilings that make you feel like you're working in a shoebox. Because 5 Penn Plaza started as an industrial space, the ceilings are soaring. We're talking 12 to 14 feet in some spots. When you combine that with the fact that the building occupies a full block front, you get light. Lots of it. If you’re on a higher floor, you’re looking straight at the Empire State Building or down into the belly of the new Moynihan Train Hall.
It’s an interesting mix of old-school grit and new-school "work-from-home-is-over" luxury. You have a private tenant lounge and a fitness center, which are basically mandatory in 2026 if you want to convince employees to actually show up to the office. Honestly, the amenity war in NYC real estate is getting a bit ridiculous, but 5 Penn Plaza keeps it somewhat grounded. It’s functional.
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The SiriusXM Factor and the Penn District's Glow-Up
For the longest time, the area around 5 Penn Plaza was, well, kind of a mess. It was the place you rushed through to catch a NJ Transit train or a Knicks game. But then Vornado Realty Trust started pouring billions into the "Penn District." They transformed the old Farley Post Office into Moynihan, they’re recladding 1 Penn Plaza, and suddenly, the neighborhood stopped being just a transit pit stop and became a destination.
SiriusXM is the anchor here. They take up a huge chunk of the building—hundreds of thousands of square feet. They didn't just put desks in; they built world-class broadcast studios. If you’re walking by, there’s a decent chance a massive rock star or a Hall of Fame athlete is inside that building right then, being interviewed for a radio show. It gives the building a pulse that most corporate towers lack.
Why the location is a double-edged sword
Let’s be real. If you work at 5 Penn Plaza, your commute is probably the best in the world. You step out of the building and you are thirty seconds away from the 1, 2, 3, A, C, and E subway lines. You have the LIRR, Path, and Amtrak right there.
But there’s a trade-off.
You’re also dealing with the 8th Avenue crowds. It’s a gauntlet of tourists, commuters, and people who generally seem to have forgotten how to walk on a sidewalk. It’s intense. Some people love that energy—it feels like the "center of the world" vibe. Others find it exhausting. However, for a business looking to recruit talent from New Jersey, Long Island, and the outer boroughs, you literally cannot find a more accessible coordinate on the map.
The Technical Specs That Most People Ignore
If you're a tenant or a real estate nerd, you care about the stuff behind the walls. 5 Penn Plaza is a 24-story building encompassing about 1.1 million square feet. That’s a lot of space. It’s WiredScore Certified Platinum, which is basically a fancy way of saying the internet won't go down when you're in the middle of a high-stakes Zoom call.
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The building uses a Variable Air Volume (VAV) system for cooling. If you've ever worked in an old NYC building where you're sweating in December because the steam heat is uncontrollable, you'll appreciate this. You actually have control over the temperature in your zone.
- Total Square Footage: ~1,100,000 sq. ft.
- Typical Floor Plate: Ranges from 30,000 to 65,000 sq. ft. (massive for Manhattan).
- Security: 24/7 attended lobby with turnstiles and keycard access.
- Elevators: 14 passenger elevators plus freight.
These big floor plates are why it attracts companies like TransPerfect and health care organizations. You can fit a whole department on one floor instead of splitting them across three floors in a skinnier building. It changes the way people collaborate. It’s less "siloed" and more open.
Realities of the 2026 Office Market
The office market in New York isn't what it was in 2019. We all know that. Vacancy rates are a real thing. But what’s happening is a "flight to quality." Companies are ditching the crummy, dark buildings and moving into "Class A" spaces like 5 Penn Plaza because they need the office to be an incentive.
If you want people to commute, the office has to be better than their living room.
5 Penn Plaza has leaned into this. They’ve focused on "wellness" features before it was a buzzword. The air filtration is top-tier. The windows are huge. There's an outdoor terrace for certain tenants, which is the ultimate flex in Midtown. Being able to step outside and look at the skyline without leaving your building is a game-changer for morale.
What Most People Get Wrong About 5 Penn Plaza
A lot of people think that because it’s an older building, it’s "outdated." That couldn't be further from the truth. In fact, these older, "pre-war" (or in this case, early 20th century) industrial buildings are often more robust than the stuff built in the 80s. The 80s buildings often have low ceilings and tons of interior columns that get in the way. 5 Penn Plaza has a relatively wide column span for its age, which allows for those "open office" layouts that everyone (love them or hate them) seems to want.
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Another misconception is that it’s just an "overflow" building for the newer stuff at Hudson Yards. Nope. It’s a primary choice. The rents here are premium, though usually a step below the $150-per-square-foot madness you see in the brand-new glass towers. It’s the "sensible luxury" option. You get the prestige and the location without paying the "new construction" tax.
Navigating the Area: A Quick Survival Guide
If you’re heading there for a meeting or a new job, here’s the ground truth.
Avoid the Penn Station main entrance if you can. Use the West 31st or 33rd street entrances to save yourself five minutes of navigating the subterranean maze. For lunch, skip the chains. Head a couple of blocks south into Chelsea or west toward 9th Avenue. There are some incredible spots like Friedman’s (right in the building practically) or the various eateries in the Manhattan West complex just a few blocks away.
The building also has an entrance on 34th Street, which is basically the retail capital of the city. You’ve got Macy’s right there. You’ve got every flagship store imaginable. It makes the "after-work" life pretty easy, whether you're running errands or grabbing a drink.
How to Actually Get a Space Here
If you’re a business owner looking at 5 Penn Plaza, you aren't just looking at a lease; you’re looking at a statement. You’re telling your clients you’re at the center of the action. CBRE usually handles the leasing for the building, and they don't have a lot of small spaces. This is a building for mid-to-large-scale operations.
You should expect to see spaces that are "pre-built"—meaning the landlord has already done the floors, lighting, and basic layout—or "raw," where you get a giant concrete shell and a "tenant improvement" allowance to build it out exactly how you want. Given the high ceilings and the industrial windows, the raw spaces are actually pretty stunning if you have a good architect.
Moving Forward with Your Search
If you're seriously considering 5 Penn Plaza—or just curious about the neighborhood—your next steps should be grounded in the current market reality.
- Check the Vibe: Don't just visit at 10:00 AM. Go there at 5:00 PM on a Tuesday. See what the "commuter rush" actually feels like. It’s the building’s greatest strength and its most intense feature.
- Evaluate the "Moynihan Effect": Walk through the new Moynihan Train Hall across the street. This is the "lobby" for the entire neighborhood now. If you’re hosting clients from out of town, this is where they will arrive.
- Audit the Tech: If you're moving a business here, ask for the full specs on the fiber redundancy. In a building this large, you want to make sure your specific suite is as "plugged in" as the big tenants like SiriusXM.
- Look at the Sublease Market: Sometimes, bigger companies in the building have extra space they aren't using. You can often get a deal on a "plug-and-play" office that’s already furnished, saving you a fortune on capital expenditures.
At the end of the day, 5 Penn Plaza is a survivor. It has outlasted the printing presses, the decline of the old Penn Station, and the rise of remote work. It’s a massive, sturdy anchor in a neighborhood that is finally starting to look as good as its zip code suggests. It’s not just an address; it’s a piece of the city’s industrial DNA repurposed for a digital world.