Apple Sub-leases Office Space From Macy's In Chelsea's Pennsylvania Plaza
LEASED
New York
See Similar DealsOffice120,000 SF
Leased 02/24/2020
LEASED
Apple Sub-leases Office Space From Macy's In Chelsea's Pennsylvania Plaza
11 Pennsylvania Plaza, Manhattan, New York, NY, USA
See Similar DealsOffice120,000 SF
Leased 02/24/2020
Summary
NEW YORK
Asset Type:Office
Total Square Footage:120,000 SF
Transaction Type:Lease
Apple has recently entered into a sub-lease agreement for an office space located at 11 Pennsylvania Plaza in Chelsea. The sub-lessor, Macy's, has agreed to lease the property to Apple for a term of 6 years. The office space spans approximately 120,000 square feet, with an asking rent of around $60 per square foot.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not applicable
- Address: 11 Pennsylvania Plaza
- Market: Chelsea
In this deal, Apple acted as the sub-lessee, while Macy's served as the sub-lessor. The landlord of the property is Vornado Realty Trust, represented by Steve Roth and Haim Chera. Apple's representatives in the transaction were Peter Riguardi and Martin Horner LL, who worked alongside Macy's to finalize the agreement.
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$6,878,327.59
Total Lease Value
$68,783,275.87
Net Landlord Cash Flow$6,878,327.59
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