Staples Renews 21K-SF Lease at 5-9 Union Square West

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Staples has decided to stay put at 5-9 Union Square West for another five years, according to information from Newmark Holdings.

SEE ALSO: Knotel Inks 23K-SF Deal for Flagship Union Square Location

The office supply chain store has been in 21,173 square feet on the ground floor at the eight-story, 105,000-square-foot mixed-use building for 25 years, a Newmark company spokeswoman said. There were no tenant brokers and Brian Steinwurtzel and Eric Gural of Newmark represented the landlord in-house.

According to Steinwurtzel, Staples “had a fixed option that they exercised.” While there is no retail space available, if it was, the asking rent would be $400 per square foot, Steinwurtzel said.

Commercial Observer reported in August that Amalgamated Bank had provided a $30 million loan to Newmark to refinance 5-9 Union Square West.

The property, which Newmark acquired in 1996, is over 93 percent leased to tenants including Rockwell Group, The Hunger Project and Knoa Software.