Large Swathes of Space Leased in Meatpacking District
One of America’s favorite retail giants, Bed Bath & Beyond, has leased two spaces for its new design and photo studios and home décor subsidiary. They took 51,572 rentable square feet at 315 Hudson Street and 27,778 rentable square feet down the block at 250 Hudson Street (click to see available space here). 315 Hudson Street is currently undergoing a $65 million capital improvement program, which will result in a brand new lobby slated for completion this summer. The rest of the program will be finished by 2019. Both buildings, owned by Jack Resnick & Sons, have interesting diverse tenant rosters. 250 Hudson is home to law firm, Lieff Cabraser Heimann & Bernstein, as well as leading global communications firm, Edelman. 315 Hudson Street is intriguing as well with anchor tenants NYSARC and the City of New York. Asking rents in these buildings range from $75 to $90 per square foot.
Douglas Elliman Commercial’s Peter and James Gross represented Bed Bath & Beyond in both deals. An in-house team worked on behalf of Jack Resnick & Sons at 315 Hudson and a team from Newmark Grubb Knight Frank represented the landlord at 250 Hudson.
Bed Bath & Beyond CEO, Steven Temares, is extremely excited and optimistic about these new offices. He expects to create major operational efficiencies and improve digital marketing assets through this move. The neighborhood is experiencing an explosion of TAMI firms’ relocations. Although Bed Bath & Beyond isn’t exactly a start-up, these large corporations are adapting in order to attract and preserve the top talent.