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Home Depot extends lease near Madison Square Park

28-40 West 23rd Street (Credit: Concord Restoration)

Home Depot has extended its 120,000-square-foot retail space at Williams Equities’ 28-40 West 23rd Street, CO first reported. The new deal was described as an early, long-term extension that brings the retailer into the mid-2030s. The retail space is located between Fifth and Sixth Avenues, just steps from Madison Square Park. 

  • Dig Deeper: The home improvement retailer occupies the ground and lower levels, in addition to the mezzanine floor. It has a grand entrance right between the office lobbies of the interconnected buildings.
  • Worth Noting: In October, the retailer signed a 20-year, 120,000 SF lease at Gazit Horizons‘ 410 East 61st Street. The retailer will fill the space that Bed Bath & Beyond plans to vacate when its current lease expires in 2021.
  • Brokers: Colliers’ Andrew Roos, Mac Roos, and Michael T. Cohen represented Williams Equities, while Peter Ripka of Ripco Real Estate represented Home Depot.
  • Heard on the Street: Andrew Roos: “In a challenging retail environment, it checked their box, and they didn’t have to spend new capital and neither did we to get the space ready for a new tenant… The location is vibrant and worked for them.” [CO]

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