The New York Posts reports that Apple has signed a lease for a new office space in a Fifth Avenue office building in New York City near Union Square. According to the report, the lease has been signed for a 45,000 square feet office space. Earlier, Apple’s iAd team was working out of a 10,000 square-foot space on a short term lease, but is expanding its presence with the new lease.
In addition, Business Insider reports that the larger space will not be used only for the iAd team but also for corporate-level efforts. The corporate-level efforts will be focused on “new business projects”. Apple is also said to keep its space on other floors in the building.
Apple already leased a 10,000 square-foot chunk of the Kaufman building back in January for the iAd group, and now it is taking a bigger chunk of the building for its first executive office in NYC.
Apple will use the space to launch new business projects. The office will look and feel like the retail stores with an all-white lobby, sleek elevators and LED lights.
Several reports have suggested that Apple’s iAd program has only seen marginal success so far. Yesterday, AllThingsD reported that the Quattro Wireless founder Andy Miller, who joined Apple as a vice president to lead the iAd team when Apple acquired Quattro last year, is leaving the company to join a venture capital firm in Boston.