Apple Expands Lease With Vornado Realty At 11 Pennsylvania Plaza To 460000 Square Feet

The property asset involved in this transaction is an office space located at 11 Pennsylvania Plaza in Midtown Manhattan, comprising a total of 460,000 square feet. Apple has expanded its lease by an additional 61,000 square feet, previously occupied by Macy's, under a renewal agreement with a asking rent of $85 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $39,100,000 (calculated from $85/ft for 460,000 SF)
• Lease Duration: 10 years
• Landlord: Steven Roth - Vornado Realty
• Tenant: Tim Cook & Kristina Raspe - Apple
• Broker: Scott Gottlieb - CBRE; Glen Weiss & Jared Silverman - Vornado Realty
• Current Lease Expiration: 2035

The key individuals involved in this deal include Tim Cook and Kristina Raspe representing Apple, with Scott Gottlieb acting as the broker from CBRE. Glen Weiss and Jared Silverman represent Vornado Realty in this transaction, which strategically aligns Apple's lease schedule with the expiration of Macy's lease.