Microsoft has announced (http://tinyurl.com/ney2yq6) that Office 2016 for Mac is now available as a one-time $149.99 purchase without an Office 365 subscription.
Office Home & Student 2016 includes Word, Excel, PowerPoint and OneNote for home use on one Mac. It requires OS X 10.10 or later.
In July, Office 2016 for Mac was released to Office 365 customers. The new versions of Word, Excel, PowerPoint, Outlook and OneNote “are a significant step forward and provide the best of both worlds for Mac users—a familiar Office experience paired with the best of the Mac platform,” according to Microsoft.