Apple is taking a bigger slice of the Penn District.
The tech giant is expanding by 95,000 square feet onto two more floors of Vornado Realty Trust’s Penn 11, The Real Deal has learned. Apple’s new lease brings its footprint at the Midtown South office building to 550,000 square feet.
Apple now has the fourth and eighth through 16th floors of the 26-story building, which sits on the eastern side of Seventh Avenue between West 31st and 32nd streets. The company is taking over the 15th and 16th floors from AMC Networks, which is renewing and downsizing its lease from 335,000 to 177,000 square feet.
Apple’s new lease is coterminous with its existing lease expiration in 2035. The asking rent was $90 per square foot.
David Endelman of JLL represented Apple in the deal. Newmark’s Neil Goldmacher and Andy Sachs represented AMC Networks in their five-year renewal. Vornado was represented in-house by Glen Weiss and Jared Silverman in both deals.
Apple landed at the 1.15 million-square-foot building, formerly known as the Equitable Life Assurance Building at 11 Penn Plaza, in 2020, when it first subleased 220,000 square feet from Macy’s for six years. It has since expanded several times at the property, which Vornado, led by Steve Roth, purchased in 1997 along with 2 Penn Plaza in a $437 million portfolio deal with the late-Bernard Mendik.
The building was designed by Starrett & Van Vleck and completed in 1923. It has been renovated over the years to achieve LEED Gold and is lit to show off several tiers of setbacks.
Vornado declined to comment. Apple and AMC Networks did not immediately respond to a request for comment.
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