Williams Equities has completed a long-term, 120,000 s/f extension with home improvement giant Home Depot at the ownership group’s 28 & 40 West 23rd Street.
This transaction is the second retail lease of this size Home Depot has signed in New York City recently. In October, the retailer announced it will take over the 120,000 s/f Upper East Side retail space being vacated by beleaguered Bed Bath & Beyond. Both represent the largest Manhattan retail leases over the last five years.
The two-building, 561,000 s/f mixed-use property at 28 & 40 West 23rd Street is owned and controlled by Williams Equities and located between Fifth and Sixth Avenues in the heart of the Flatiron District. Long-time retail anchor Home Depot occupies the ground floor, lower level, and mezzanine.
“We are delighted to extend Home Depot at 23 & 40 West 23rd Street,” said a Williams Equities spokesperson. “We envision this ongoing partnership as another step in further cementing the success of our Flatiron District property and helping revitalize New York City in a new period of shared prosperity.”
The brokerage team of Michael T. Cohen, President, Andrew Roos, Vice Chairman, and Mac Roos, Associate, all with Colliers International Tri-State, represented Williams Equities in the transaction. Peter Ripka, of Ripco Real Estate, represented Home Depot.
“Home Depot has been a staple of this iconic Williams Equities’ property and is a valued asset to both the building and the neighborhood, and even in a challenging environment, continues to be an ideal occupant, for today and well into the future,” Roos said. “We are thrilled to extend the relationship.”
Other tenants at the property include AT&T subsidiary Xandr and Estee Lauder brand Aramis.