Morgan Stanley leases top floor at former Lord & Taylor store – Long Island Business News

Written by Amanda

Morgan Stanley has leased 62,000 square feet of office space in the former Lord & Taylor department store building in Garden City. 

The investment banking and financial services firm will be relocating to the top floor of 1200 Franklin Ave. in a move that will consolidate about 75,000 square feet the company has been leasing in two locations nearby at 855 Franklin Ave. and 1300 Franklin Ave. 

Morgan Stanley is expected to move to its new digs in the fourth quarter of next year once construction to transform the department store space into offices is complete. 

Lord & Taylor, which was the oldest department store chain in the country, and its parent company Le Tote, filed for bankruptcy in August 2020 and announced it would be closing all 38 of its stores, including four on Long Island. Although HBC (Hudson’s Bay Company) had sold the Lord & Taylor chain to Le Tote in 2019, HBC retained ownership of the real estate, and it is now repositioning many of the former Lord & Taylor department stores into office space. 

A brokerage team at CBRE has been marketing office space in the Long Island Lord & Taylor stores. Morgan Stanley will be the first office tenant at the former Lord & Taylor store in Garden City. 

Ray Ruiz and Kyle Crennan of JLL represented the tenant, while HBC was self-represented in the Garden City lease. The brokers declined to comment on the deal. 

Source: libn.com

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Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai