Newmark Partners with Vornado Realty Trust for Retail Renaissance in THE PENN DISTRICT

On February 2, 2026, Newmark Group, Inc. (Nasdaq: NMRK) announced an exciting new partnership with Vornado Realty Trust, aimed at revitalizing the retail landscape of THE PENN DISTRICT on Manhattan's West Side. This collaboration marks a significant step in Vornado's ambitious $2.5 billion revitalization project, showcasing Newmark's expertise in commercial real estate.

Vornado Realty Trust has appointed Newmark as the exclusive leasing agent for the next phase of its retail transformation within THE PENN DISTRICT. Leading this initiative is Newmark's Chairman of Global Retail, Mark Masinter, who will work closely with a team of distinguished professionals, including Retail Vice Chairman Karen Bellantoni, and team members Jackie Totolo, Pierce Thompson, and Nick Masinter.

The transformation of THE PENN DISTRICT is a pivotal part of Vornado's extensive redevelopment efforts. Over the last decade, Vornado has successfully redeveloped more than 5 million square feet of Class A office space while also introducing over 300,000 square feet of inviting public plazas. The real estate giant has been proactive in enhancing the area's transit infrastructure through various public-private partnerships.

A key aspect of this revival has been the development of 1.1 million square feet of new retail space within the PENN DISTRICT holdings. This newly created environment features a diverse selection of retailers, including over 70 curated food and beverage purveyors. Notable dining establishments include The Dynamo Room, Bar Primi, and Blue Ribbon Sushi & Steak, all contributing to a vibrant culinary landscape.

As part of the retail renaissance, Vornado is in the preliminary stages of creating a cohesive street-level retail experience along Seventh Avenue, between 33rd and 34th Streets. Newmark's involvement will focus on developing this corridor to complement existing anchor stores, such as Macy's and the upcoming 78,000 square-foot flagship store of Primark, set to open in Spring 2026. Additionally, Newmark will collaborate with Vornado on the Moynihan Retail Corridor, which serves as the heart of the Moynihan Train Hall.

Mark Masinter expressed enthusiasm for the partnership, stating, "It is a privilege to partner with Chairman and CEO Steve Roth, Executive Vice President and Co-Head of Real Estate 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." He emphasized the strategic importance of THE PENN DISTRICT, highlighting its proximity to iconic venues like Madison Square Garden and Penn Station.

Glen Weiss added, "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." He underscored the transformation of the area into a vibrant 24/7 neighborhood catering to a multitude of tastes and occasions.

Vornado Realty Trust (NYSE: VNO) stands as a leading fully integrated real estate investment trust (REIT), boasting a 26 million square-foot portfolio of premier assets in New York City, as well as significant holdings in Chicago and San Francisco. Vornado is noted for its commitment to sustainability, with all its in-service office buildings achieving LEED certification, and over 95% certified LEED Gold or Platinum.

Newmark Group, Inc. is a global leader in commercial real estate, providing a comprehensive suite of services tailored to meet the needs of clients across the industry spectrum. As of September 30, 2025, Newmark reported revenues exceeding $3.1 billion and operated approximately 170 offices with a workforce of over 8,500 professionals worldwide.

The partnership between Newmark Group, Inc. and Vornado Realty Trust marks a pivotal moment in the ongoing transformation of THE PENN DISTRICT. As both companies work together to enhance the retail experience in this iconic area, they aim to create a bustling hub that caters to the diverse needs of New York's residents and visitors alike. The future looks promising for THE PENN DISTRICT, with the potential to become New York's next big retail destination.