Apple may be a new tenant at 11 Penn Plaza

Posted On Wed, January 22, 2020 By

Posted On Wed, January 22, 2020 By In Midtown West, real estate trends

Streetview of 11 Penn Plaza, Map data © 2020 Google

Apple is in negotiations to lease 200,000 square feet of space at 11 Penn Plaza, The New York Post reports. Sources told the Post that the tech giant is interested in the 1.15-million-square-foot building that stretches along Seventh Avenue between West 31st and 32nd streets across from Madison Square Garden after losing out to Facebook on a spot in the Farley Building. The building is owned by Vornado, who is looking for tenants to lease the fourth through 14th floors as a sublease from Macy’s.

Apple has reportedly outgrown its current 52,000-square-foot space at 100-104 Fifth Avenue in the Flatiron District, home to its marketing division and commercial software applications unit. The deal on the table would be in the mid-$60s per square foot range according to sources, which is lower than the more than $100 per square foot asked by new office towers.

Vornado recently re-branded the Starrett & Van Vleck-designed 1920s building–formerly the Equitable Life Assurance Building–as Penn 11. The building’s top floors are leased by AMC. Nearby, at Vornado’s Farley Building building at 390 Ninth Avenue, Facebook snagged all 740,000 square feet of available space, reportedly because Apple only wanted a few hundred thousand feet while, though that lease is still under negotiation.

[Via NYP]

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Neighborhoods : Midtown West

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