Apple inks lease in NYC near Madison Square Garden
The deal comes after Apple and Facebook fought it out over another spot in the Big Apple
Apple is expanding its New York City footprint by 220,000 square feet.
The tech giant, which pulled in $92 billion in the first quarter of 2020, has reportedly signed a lease for the office space at 11 Penn Plaza near Madison Square Garden.
A portion of the floors in the Art Deco building is currently owned by Macy’s, which is moving its headquarters to a 22-floor space in Long Island City, per the New York Post,
APPLE MIGHT SOON ROLL OUT LOW-COST IPHONE
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| M | MACY'S INC. | 18.35 | -0.38 | -2.03% |
Apple did not immediately respond to a request for comment from FOX Business, but sources told the Post the deal will run five years and Macy’s will still be responsible for any remaining term in its lease through 2035. Macy’s remaining 300,000 square feet of space in the building is up for sublease with prices hovering in the mid-$60s per foot.
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Apple, which owns 52,000 square feet of space in New York’s Flatiron District, is reportedly still searching for more property. It inks this deal only after its play for 740,000 square feet in Vornado’s Farley Building fizzled out in a bidding war with Facebook.
Apple’s stock is up more than 72 percent on the year.