Staples will be moving a few blocks down to Atlas Capital’s 641 Sixth Avenue in the coming months.
The office supply store has held a 19,000 square foot lease at 699 Sixth Avenue since 1993 but will be exchanging it for a smaller but modernized space.
“Staples was looking for a new location that would enable it to open a brighter, fresher store in a relatively short period of time,” said Gary Alterman, executive vice president of RKF and broker for the transaction. “The brand wanted to remain in the Ladies’ Mile district of Chelsea, where it had achieved great success.”
The new space spans 15,584 square feet with 4,696 square feet on the ground floor and 10,888 square feet on the lower level.
“641 Sixth Avenue offered a prime corner location on 20th Street, with extensive frontage on Sixth Avenue. The property is situated two blocks from its original store and in the center of a highly trafficked strip of big-box national retailers, running from 17th to 23rd Streets,” Mr. Alterman further noted. “With flexible floor plates, dual elevator cores, and high floor-to-ceiling heights, the brand could bring the modernized, upscale look of its newer Manhattan stores to one of its long-established locations.”
Mr. Alterman was joined RKF’s chairman and chief executive officer, Robert Futterman, and associate, Ross Berkowitz, in representing the landlord. Chase Welles, a partner at SCG Retail, was on the other side of the table representing the tenant.
641 Sixth Avenue is an eight-story 170,000 square foot building in the Flat Iron District. Last November, the building closed on a 31,500 square foot lease for business software firm, Infor.