Home Depot has extended its lease in the Flatiron District in one of the biggest deals inked since the pandemic began.
Under the new lease, the home improvement retailer will continue to occupy 28-40 West 23rd Street for around another 15 years, according to the Commercial Observer.
The home improvement retailer initially moved into the 120,000 square feet space in 2004, and the new lease runs through the mid-2030s.
“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,” said Andrew Roos of Colliers International, who represented Williams Equities along with Michael T. Cohen and Mac Roos. “The location is vibrant and worked for them.”
Peter Ripka of Ripco Real Estate represented Home Depot.
In October, the retailer signed a new lease for 120,000 square feet at Gazit Horizons’ retail condo at 410 East 61st Street. Home Depot will move into that Upper East Side location after it vacates its current 80,000 square feet at Vornado’s Bloomberg Tower at 731 Lexington Avenue.
[CO] — Sasha Jones