In a move that highlights the growing convergence between the Manhattan and New Jersey business corridors, JLL announced that digital insurance giant CFC USA, Inc. has secured a 13,065-square-foot lease at 5 Penn Plaza in New York City. The relocation from lower Manhattan to the Penn District underscores a “flight-to-transit” trend as companies look to better accommodate a workforce increasingly concentrated in the Garden State.
Located directly across from New York Penn Station, 5 Penn Plaza sits at the primary gateway for New Jersey commuters. With NJ TRANSIT and Amtrak providing direct access for thousands of professionals from hubs like Newark, Jersey City and Princeton, the building’s repositioning is a direct response to the demand for high-quality, easily accessible office space in the “gateway” submarket.
As New Jersey’s own Class A office market continues to stabilize—with vacancy rates in northern and central NJ falling to 25.4 percent this year—the Penn District is emerging as a competitive extension for firms that want to bridge the gap between suburban talent and a Manhattan headquarters.
“The Penn Station submarket has firmly established itself as one of the most dynamic office destinations in the city,” Mitch Konsker, JLL vice chairman said. For New Jersey-based employees, the location at 5 Penn means a seamless transition from the train platform to the office, bypassing the need for additional subway transfers.
The recent renovations at 5 Penn Plaza by Haymes Investment Company lean heavily into the hospitality and wellness needs of a regional workforce:
- Dog-friendly roof deck: Offering a unique perk for commuters who want to bring their pets across the Hudson.
- Fitness and recovery: A state-of-the-art gym with showers and lockers allows commuters to integrate wellness into their daily travel schedules.
- The “Café 5” experience: A quick-service lobby concept designed for the fast-paced transition of the Penn Station commute.
The deal comes as the Gateway Program achieves critical milestones in 2026, including the successful cutover of tracks to the new Portal North Bridge in Kearny. These infrastructure improvements are significantly increasing the reliability and capacity of the Northeast Corridor, making office buildings in the Penn District increasingly attractive to firms like CFC USA, Inc. that rely on professional talent from across the river.
By joining 5 Penn, CFC USA, Inc. joins a roster of contemporary, tech-driven firms including Fireblocks, Sirius, Puma, HLW, Noom, Octaura, and Dynatrace.
CFC USA, Inc. was represented in the transaction by Joseph DeRosa and Taylor Walker of CBRE. The JLL agency team leading the leasing efforts for the building includes Mitch Konsker, Kristen Morgan, Christine Colley, Greg Wang, Dan Turkewitz and Kate Roush.
