As part of its ongoing expansion, Apple is reportedly looking at leasing a large portion of the newly refurbished 11 Penn Plaza, in New York City.
Sources familiar with the matter say that Apple is looking to lease about 200,000 square feet of the building which has been recently rebranded as “Penn 11.” Price is said to be in the “mid-$60s” per square foot —relatively inexpensive when compared to rents in newer towers.
The building is historic, and sits in the middle of some prime real estate. Build in 1923, it is in close proximity to Madison Square Garden, and is situated between West 31st and 32nd street, according to a report in the New York Post on Wednesday.
Apple previously sought the former James A. Farley Post Office, but lost out in bidding to FaceBook. Both Penn 11 and the Farley building have been recently renovated by Vornado.
Apple has been on the hunt for Manhattan office space for months. In February 2019, reports claimed the tech giant was in advanced negotiations for a 60,000-square-foot location at the upscale 55 Hudson Yards. More recent rumblings in August 2019, which first mentioned Apple’s interest in Farley, suggested that the company was looking for up to 750,000 square feet of space in the city.
Along with seven Apple Store locations in Manhattan, Apple currently leases 45,000 square feet of office space at 100-104 Fifth Avenue.