Solution 1:

You can use the Office 2016 Deployment Tool to customize the setup. Edit the Configuration.xml and add new ExcludeApp ID entries for features you don't want to have installed:

Image of the XML file

<Configuration>
    <Add SourcePath="E:\Office\" OfficeClientEdition="64">
        <Product ID="O365ProPlusRetail">
            <Language ID="en-us" />
            <ExcludeApp ID="Access" />
            <ExcludeApp ID="Excel" />
            <ExcludeApp ID="Groove" />
            <ExcludeApp ID="InfoPath" />
            <ExcludeApp ID="Lync" />
            <ExcludeApp ID="OneNote" />
            <ExcludeApp ID="PowerPoint" />
            <ExcludeApp ID="Project" />
            <ExcludeApp ID="Publisher" />
            <ExcludeApp ID="SharePointDesigner" />
            <ExcludeApp ID="Visio" />
        </Product>
    </Add>
</Configuration>

Now run setup.exe /download configuration.xml to only download the requested features and install the customized office with setup.exe /configure configuration.xml

Solution 2:

I was originally going to add this as a comment to the excellent answer from @magicandre1981, however I couldn't get the comment to format in a readable state.

Please up vote the comments from @hennes and @MetroSmurf on that answer because those people found this info first and deserve recognition of that.

Once you download the config tool and build your custom-configuration.xml (I suggest renaming it so you know which config you are installing)

To have it work with the MSDN Media:

  1. Make sure your config doesn't have a path set.
  2. Ensure your product ID is as follows: <Product ID="ProPlusRetail" PIDKEY="xxxxx-xxxxx-xxxxx-xxxxx-xxxxx">
  3. Suggest you also add <Display AcceptEULA="TRUE">
  4. Extract the media to a folder (I used Office2016)
  5. In Office2016 replace default setup.exe (400KB) with the deployment tool provided setup.exe (4.1MB)

  6. Put your custom-configuration.xml in Office2016 as well.

  7. From an Administrative command prompt cd to Office2016

  8. run setup /configure custom-configfile.xml

  9. Profit.