Bed Bath & Beyond has renewed a smaller version of its lease at RXR’s 620 Avenue of the Americas. The home goods retailer is giving up two ground floor spaces at the corner of the building and moving some of its square footage into the cellar. RXR will get 20,000 square feet of ground floor retail space back at the corner of Avenue of the Americas and West 19th Street, according to the Commercial Observer.
- Worth Noting: The flagship store will occupy 60,000 square feet on the ground floor and 22,000 square feet in the cellar, plus 10,000 square feet of “back of house” space. The new lease will last for ten years with the option to extend. Asking rents in the building are over $200 per square foot.
- The backdrop: The renewal comes after the retailer announced plans last month to shutter 200 stores over the next two years. Bed Bath & Beyond has also been struggling to pay rent on its other locations during the pandemic. [CO]