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Apple Sub-leases Office Space From Macy's In Chelsea's Pennsylvania Plaza

11 Pennsylvania Plaza
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This Office property located in NY was leased about 4 years ago. The brokers of the deal were Martin Horner and Peter Riguardi

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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Deals
  • Location
    11 Pennsylvania Plaza, Manhattan, New York, NY, USA11 Pennsylvania Plaza, Manhattan, New York, NY, USA
  • Area
    120,000 SF120,000 SF
  • Asset Type
    OfficeOffice
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Peter Riguardi

Peter Riguardi

Deals3
Financed$38.2M

Martin Horner

Martin Horner

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Leased1

Agency

JLL

JLL

Agency
Deals5579
Volume$332.6B

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Deal Summary

LEASE IMAGE: Steven Roth, Peter Riguardi, Tim Cook, Martin Horner, Haim Chera DATE: 02/24/2020 ADDRESS: 11 Pennsylvania Plaza MARKET: Chelsea ASSET TYPE: Office SUB-LESSOR: @Macys SUB-LESSEE: @Apple LANDLORD: @VornadoRealtyTrust - Steve Roth & Haim Chera TENANT’S REP: Peter Riguardi & Martin Horner - @JLL ASKING RENT: $60/ft. (Approx.) ~ SF: 120,000 (Approx.) TERM: 6 years

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11 Pennsylvania Plaza

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