Apple Adding More Space To Midtown Sublease

11 Penn, Vornado's office building in Midtown Manhattan
Google Maps
11 Penn, Vornado's office building in Midtown Manhattan

Tech behemoth Apple is beefing up its space in Midtown, adding two floors to the sublease deal it has at 11 Penn Plaza.

The company leased 220K SF at the building earlier this year and has now added an extra two floors to the deal, The Real Deal reports. That brings its space in the Vornado-owned building to a total of 336K SF, per the publication. Macy’s is the sublandlord, but it had put space on the 11th through 14th floors on the sublease market early this year, according to February press reports.

Apple’s space will be on the ninth through 14th floors, and the tech firm is paying in the mid-$60s per SF for the space in a six-year deal. Macy’s is on the hook for the lease until April 2035 and is now looking for a tenant for four floors spanning about 60K SF each.

Sublease space last quarter reached its highest share of office inventory since the Great Financial Crisis, according to a Colliers' report released last month. Overall, asking rents suffered their worst quarterly drop in more than a decade, per the report.

Tech deals have been a bright spot in an otherwise gloomy market, however, with Facebook taking 730K SF at Vornado’s Farley Building at 390 Ninth Ave. earlier this year. Reports had emerged last year that Apple, too, had been eyeing that space.

JLL’s Peter Riguardi and Martin Horner represented Apple, and Vornado had in-house representation at 11 Penn Plaza.

Continue reading this story with a free account

Log in or register
Related Topics: 11 Penn Plaza , Apple , Macy's , Vornado
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Why Top-Secret Facilities Are Permeating Greater D.C.'s Office Market

DivcoWest Sells Glendale Office Building For $70M

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Hines And Rialto Close Office Credit Fund At $1.1B

Rig Collapse At Citadel HQ Site Sends 4 To Hospital

Taconic Partners Sheds Another NYC Life Sciences Property

Northern Virginia Office Tower Sells For Double Its 2024 Price

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

Fertility Provider Opens Clinic At 1900 Lawrence Office Tower: The Denver Deal Sheet

Office Revenues Are Failing To Keep Pace With Expenses