Vimeo is relocating its New York City headquarters within the Penn District, opting to move from 330 W. 34th St. to 5 Penn Plaza, a property owned by Haymes Investment Company. The video hosting and sharing company, which was recently acquired by Bending Spoons, has committed to a newly built prebuilt office suite comprising 15,172 square feet on a portion of the building’s 15th floor. The move keeps the company’s headquarters in the same broader neighborhood while shifting into a modernized, smaller-format floor plate.
On the tenant side, Avison Young principals Joe Gervino and Larry Zuckerman, along with director Alexis Odgers, represented Vimeo in the headquarters relocation. The team advised the company on its search and lease negotiations, ultimately steering the deal toward 5 Penn Plaza. Their role underscores the continued importance of tenant representation in securing space that aligns with evolving workplace and space-efficiency requirements.
Ownership of 5 Penn Plaza was represented in the transaction by JLL. The landlord agency team included JLL’s Mitchell Konsker, Daniel Turkewitz, Greg Wang, Christine Colley, Kristen Morgan and Kate Roush, who acted on behalf of Haymes Investment Company. Their assignment focused on positioning the property to capture demand in the changing Penn District office market, where renovated assets are competing for tenants seeking contemporary space and enhanced amenity packages.
Haymes Investment Company has invested approximately $45 million into 5 Penn Plaza, targeting building infrastructure, the lobby, café, amenities and building systems. This capital program is intended to modernize the asset and make it more competitive within the Penn District, which has seen a wave of upgrades and repositioning efforts. The investment reflects a focus on building performance and tenant experience, supporting features such as updated common areas and improved mechanical systems.
Commenting on the broader area, Avison Young’s Alexis Odgers noted that the Penn District’s ongoing revitalization is helping to attract and retain leading companies. Odgers pointed to Vimeo’s choice to remain in the neighborhood while relocating its headquarters to 5 Penn Plaza as a clear example of the trend. According to Odgers, the district has emerged as one of Manhattan’s premier office destinations, supported by significant investment in modernized buildings, transit improvements and an expanding mix of amenities.
The Vimeo headquarters relocation highlights how recent capital improvements and neighborhood-scale upgrades are influencing tenant decisions in the Penn District. As companies evaluate their office footprints, buildings that combine renovated space, improved infrastructure and access to a broad amenity base appear to be gaining a competitive edge in attracting technology and media users as long-term office tenants.
