JAKARTA – Apple has expanded its New York office again by taking over 10 floors of the 11 Penn Plaza building, increasing the total area to 460,000 square feet. This expansion covers former Macy’s locations.
Apple first leased space at 11 Penn Plaza in February 2020, covering floors 11-14 for 220,000 square feet. In November 2020, Apple also took over the 9th and 10th floors through a subpoena of Macy’s. Apple has now added floors 4-8 to a new deal with the building’s owner, Vornado Realty Trust.
The agreement is interesting because it is not subordinate like it was before. Vornado Realty Trust has extended the lease agreement with Apple for 10 years and added new locations to the existing agreement. However, this new lease term will expire with Macy’s original lease term in 2035.
The goal, according to The Real Agreement report, is for Vornado to have a direct relationship with Apple without breaking Macy’s lease agreement.
Although the purpose for which the space will be used has not been disclosed, the building’s location near Madison Square Garden and Penn Station makes it very strategic. The building is also less than a mile from the popular Fifth Avenue Apple store.
With a rental price of around US$85 (IDR1.5 million) per square foot per year, Apple is increasingly strengthening its presence in downtown Manhattan.
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2024-11-29 00:16:00
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