Former Bed Bath & Beyond Store along Ladies Mile Secures a New Tenant
Discount clothing and homeware retailer Burlington will be relocating three blocks south within the Ladies Mile historic district to 620 Sixth Avenue upon vacating its currently 40,000-square-foot space at 695 Sixth Avenue. The nearly 80,000-square-foot new store will spread across three levels. Asking rent for the inline space was $100 per square foot and $175 per square foot for the two corners. Formerly the nearly 30-year home of Bed Bath & Beyond, the New Jersey-based homeware chain downsized from roughly 92,000 square feet to 82,000 square feet after giving up 20,000 square feet on the West 19th Street corner in August 2020 as part of a strategy to improve its financial performance according to press at the time. The 10-year renewal left the retailer with 60,000 square feet on the ground level and 22,000 square feet of selling space plus 10,000 square feet of back-of-house space on the cellar level. However, failed efforts led to the full closure and liquidation of all remaining stores in April 2023. The deal with New Jersey-based Burlington absorbs the majority of the remaining space vacated by Bed Bath & Beyond, bringing occupancy of the 1896-vintage, cast-iron building to just shy of 100% after the pandemic and tenant bankruptcies left half empty the 500,000 of office and retail space controlled by RXR Realty and recent new partner Hudson Bay Capital. In addition, two recent renewals signed by TJX Companies will keep its discount brands, T.J. Maxx in its 67,971-square-foot space on the 2nd floor and Marshalls in its 37,618-square-foot space on the lower level of the building for another five years.