"Images via 6sqft
What you need to know
- Apple and Facebook are both in the running for an incredible Manhattan Office space
- Up for grabs is the 740,000 sq. ft James A. Farley Post Office, across from Madison Square Garden.
- Report suggests Apple is a late entry, and that Facebook seems to be the preferred tenant.
A report via the New York Post claims that Apple and Facebook could be set to duke it out over a prized office location in Manhattan.
The report involves the former James A. Farley Post Office, an all white structure located right opposite Madison Square Garden. Previously, it had been reported that Facebook was in talks to rent the space in September of this year. Facebook's interest in the property has driven off other potential tenants including Japanese advertising firm Dentsu and Amazon. Now however, Apple has muscled its way into the negotiations, after deciding that it too would like to rent all four floors of the property. The NYP report notes that Apple only viewed the building earlier this year, but that Apple's interest has presented a dilemna to developer Vornado Reality Trust:
Applications by the dueling tech giants has posed a dilemma for Vornado's street-savvy chairman, Steve Roth, who is also Facebook's landlord at 770 Broadway, where the tech giant leases 758,000 square feet. As one source with knowledge of the dilemma explained, Apple — which carries a $1.069 trillion market capitalization, or more than double that of Facebook — "has better credit."
Despite Apple's girth, industry sources say Roth appears to be leaning toward Facebook, who he has worked with at the 770 Broadway location since 2013.
The report notes that if Apple is turned down, it will likely dissuade any further competition from challenging Facebook for the space. Apple is reportedly staking out another post office redevelopment in the city, Morgan North in case this venture is unsuccessful.
A rendering of the redevelopment via 6sqft
Apple is of course no stranger to premium offices, its Apple Park campus in Cupertino is a marvel of architechtural engineering and innovation. Across the pond, Apple is reportedly planning to open a brand new London Campus at Battersea Power Station in a project that could cost upwards of $11 billion.
This latest interest would certainly be an upgrade on Apple's current, 45,000-square foot offie on Fifth Avenue, which Apple has rented since 2011.