Apple is taking a bigger slice of the Penn District.
The tech big is increasing by 95,000 sq. ft onto two extra flooring of Vornado Realty Trust’s Penn 11, The Actual Deal has realized. Apple’s new lease brings its footprint on the Midtown South workplace constructing to 550,000 sq. ft.
Apple now has the fourth and eighth by way of sixteenth flooring of the 26-story constructing, which sits on the japanese aspect of Seventh Avenue between West thirty first and thirty second streets. The corporate is taking up the fifteenth and sixteenth flooring from AMC Networks, which is renewing and downsizing its lease from 335,000 to 177,000 sq. ft.
Apple’s new lease is coterminous with its current lease expiration in 2035. The asking lease was $90 per sq. foot.
David Endelman of JLL represented Apple within the deal. Newmark’s Neil Goldmacher and Andy Sachs represented AMC Networks of their five-year renewal. Vornado was represented in-house by Glen Weiss and Jared Silverman in each offers.
Apple landed on the 1.15 million-square-foot constructing, previously often called the Equitable Life Assurance Constructing at 11 Penn Plaza, in 2020, when it first subleased 220,000 sq. ft from Macy’s for six years. It has since expanded several times at the property, which Vornado, led by Steve Roth, bought in 1997 together with 2 Penn Plaza in a $437 million portfolio cope with the late-Bernard Mendik.
The constructing was designed by Starrett & Van Vleck and accomplished in 1923. It has been renovated through the years to realize LEED Gold and is lit to indicate off a number of tiers of setbacks.
Vornado declined to remark. Apple and AMC Networks didn’t instantly reply to a request for remark.
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