Apple leases additional 61K square feet at 11 Penn Plaza
Streetview of 11 Penn Plaza, Map data © 2022 Google
Apple has expanded its footprint in Vornado’s Penn 11 office tower in Midtown, acquiring an additional 61,000 square feet. As reported by The Real Deal, the tech giant has signed a new lease that brings its total space in the building to 460,000 square feet and extends its occupancy through the expiration of Macy’s lease in 2035. The company now spans the fourth through 14th floors of the 26-story tower, located at 11 Penn Plaza between West 31st and 32nd Streets on Seventh Avenue.
Designed by Starrett & Van Vleck and completed in 1923, the building—originally the Equitable Life Assurance Building—was purchased by Vornado in 1997. Recently rebranded as Penn 11, the building has been renovated multiple times to achieve LEED Gold certification and is lit to illuminate tiers of setbacks, according to The Real Deal.
The building’s current asking rents are roughly $85 per square foot.
Scott Gottlieb of CBRE represented Macy’s in the deal, while David Endelman of Cushman & Wakefield represented Apple. Vornado was represented by Glen Weiss and Jared Silverman in-house.
Apple first moved into the building in February 2020, subleasing four floors totaling 220,000 square feet from Macy’s for six years. The asking rent at the time was in the mid-$60s per square foot.
Apple had reportedly outgrown its previous 52,000-square-foot space at 100-104 Fifth Avenue in the Flatiron District, which housed its marketing division and commercial software applications unit.
The company had been competing for a spot in Vornado’s renovation of the Farley Office Building, located on the other side of Madison Square Garden, but lost out when Facebook snagged all of that office space, according to The Real Deal.
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