If you encounter Product Key installation error 0x80070005 in Microsoft (Office 365), Office 2019, 2016 or some other version, follow the solutions mentioned here.

Fortunately, if you have a valid product key, you can still download and install Office Small Business 2007 from the Microsoft website.

Once you put in that product key, you can then download the appropriate version and install with that same key. If you registered your copy of Office 2013, you don't even need the product key.

Locate your Microsoft Windows and Microsoft Office product keys with this simple guide.

Try copying over the Office 2011 folder from the old machine. Then copy over the MS folder in the /library/application support folder and see if that fixes the issue for you. That may be easiest ...