Apple added 116,000 square feet to its digs at 11 Penn Plaza to total 330,000 square feet. The tech giant’s spot by Madison Square Garden, which is still being built out, gives it a larger New York City base and provides plenty of room for a near-term expansion.
While the article doesn’t say it, with only a six-year lease — albeit room to option from Macy’s until the end of April, 2035, sources tell me it’s still on the prowl for a much larger space to anchor a permanent Big Apple home.
Don’t be surprised if Apple ends up in a completely new tower — here’s looking at you One Madison Ave.; 2 World Trade Center; and redevelopment of Vornado’s 2 Penn Plaza and new 15 Penn aka Penn15 on the site of the Hotel Pennsylvania.
And then there’s also the nearby Penn area Morgan South building which Tishman Speyer is redeveloping. Dentsu is trying to sublease its only recently leased spot, which is just a portion of the available Morgan building.
While Morgan will have a planted rooftop space, it doesn’t have the 130,000 square feet of retail or the general attractiveness of Vornado’s redevelopment of the nearby Farley Building. At Farley, Facebook has leased all 740,000 square feet on several of the nearly full-block floors which includes glass atriums and outdoor spaces.