Staples moves to Third Avenue

TRD New York /
Aug.August 06, 2010 11:30 AM

The Durst Organization signed a nearly 12,000-square-foot lease for Staples at its 32-story building at 675 Third Avenue, at 42nd Street, the company said. 

The copy and printing retailer is leaving another Durst building next door at 205 East 42nd Street, where drugmaker Pfizer in May put 366,000 square feet of office space on the market.

The new lease is for a smaller ground floor presence but a larger lease overall. At 205 East 42nd Street, Staples occupied 6,950 square feet on the ground floor and about 1,800 square feet in the basement. At the new location on Third Avenue, set to open in the fall, the retailer will have 5,270 square feet on the ground floor and 6,479 square feet on the second floor. 

The terms for the 15-year lease, which was signed May 21, were not disclosed, but asking rents for the new space were $195 per square foot for the ground floor and $52 per foot on the second floor. The asking rent for a retail space at the 20-story 205 East 42nd Street is $95 per foot, data from PropertyShark.com showed. 

Staples was represented by Chase Welles, executive vice president of brokerage Northwest Atlantic, while Durst was represented in house by John Grotto, a vice president. 

 

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