B
urlington is expanding its presence in New York City by signing a lease for 78,000 square feet at 620 Sixth Avenue. The retailer will double the space it currently occupies at 695 Sixth Avenue, where it has about 40,000 square feet. The new lease covers three floors of the Flatiron District property and comes with a 12-year term.

    The asking rent was $100 per square foot for mid-building space and $175 per square foot for corner units. Burlington's deal is significant as it leaves behind a smaller footprint at its current location. The company will occupy nearly all of the available retail space at 620 Sixth Avenue, which has been largely vacant since the pandemic.

    The property has undergone significant changes in recent years. RXR and Hudson Bay Capital formed a joint venture to acquire and recapitalize the building two months ago. They secured a $320 million loan and split ownership 50/50, excluding a separate stake held by 32BJ SEIU. Other tenants at the property include Cole Haan, T.J. Maxx, and Marshalls, which have all renewed their leases in recent years.