Apple Expands Footprint at 11 Penn Plaza

[ad_1] Apple has considerably expanded its presence at 11 Penn Plaza, a Midtown Manhattan workplace constructing owned by Vornado Realty Belief. The tech big has secured a further 61,000 sq. ft, bringing its complete occupancy to 460,000 sq. ft.

Apple now occupies the fourth by means of 14th flooring of the 1.15-million-square-foot tower situated on Seventh Avenue between West thirty first and West thirty second streets. Beforehand leased by Macy’s, the tech big had this extra area included into its present lease at an asking hire of $85 per sq. foot.

David Endelman of Cushman & Wakefield performed negotiations on behalf of Apple with CBRE’s Scott Gottlieb representing Macy’s. Glen Weiss and Jared Silverman brokered the transaction in-house for the owner.

The deal is exclusive in that it concerned a direct lease settlement between Apple and Vornado, fairly than a sublease from Macy’s. This allowed Apple to safe extra area and lengthen its lease time period.

Nevertheless, it’s price noting that, regardless of the newest developments, Macy’s stays the constructing’s main tenant and headquarters.

11 Penn Plaza, Manhattan, New York. Property picture courtesy of CommercialEdge.com

Previously often known as the Equitable Life Assurance Constructing, 11 Penn Plaza is a historic landmark constructing designed by Starrett & Van Vleck. Initially accomplished in 1926, it has since undergone vital renovations to attain LEED Gold certification. Its prime location and fashionable facilities make it a beautiful vacation spot for tenants.

Apple initially sought to sublease 220,000 sq. ft from Macy’s at 11 Penn Plaza in 2020. The asking hire at the moment was within the mid-$60s per sq. foot.

Earlier than deciding on 11 Penn Plaza, the corporate had thought-about leasing area in one other one in all Vornado’s properties, the Farley Constructing. Nevertheless, Fb in the end secured the complete workplace area inside that venture.

Since its preliminary transfer to 11 Penn Plaza, Apple has expanded its footprint a number of instances, making the most of the constructing’s strategic location and fashionable facilities. The property gives handy entry to the Farley Constructing and its facilities, together with the favored meals corridor and Moynihan Practice Corridor.