Apple has signed a 220,000-square-foot office lease at Vornado Realty Trust’s 11 Penn Plaza, taking over space formerly occupied by Macy’s. The five-year deal covers the 11th to 14th floors, NYPost first reported.
- Worth Noting: Apple has an option to extend, but Macy’s is still on the hook for any remaining term in its lease, which runs into 2035. Macy’s remaining space of over 300,000 SF is up for sublease with pricing in the mid-$60s per SF.
- Dig Deeper: Macy’s has been headquartered in the Penn Plaza building for years, but recently announced it would shutter 125 stores, lay off 2,000 workers, and consolidate its offices in an effort to cut costs. The struggling department store will move the majority of its operations to Long Island City where it leased 850,000 SF.