Former Garden City Lord & Taylor converts into office space
GARDEN CITY, NY – The former Lord & Taylor is being rebuilt from a department store to an office building, with a Wall Street firm already committed to moving in.
Morgan Stanley will lease 62,000 square feet of office space on the top floor of the renovated building at 1200 Franklin Ave., according to Long Island Business News.
The move, expected in the fourth quarter of 2022, will consolidate a 75,000 square foot collective that the investment banking and financial services firm has leased into offices at 855 Franklin Ave. and 1300 Franklin Ave. in Garden City, reports LIBN.
Melissa Coley, spokeswoman for CBRE, the brokerage firm marketing the new office building, declined to comment on the ongoing reconstruction project and potential tenants.
CBRE website lists 155,471 square feet of total rental space available on the property and highlights the addition of windows, a spacious interior staircase, and a central atrium and skylights.
Lord & Taylor’s parent company, Le Tote, filed for bankruptcy in August 2020 and closed all 38 department stores, including four on Long Island in Garden City, Bay Shore, Huntington in Walt Whitman Shops and Manhasset. The latter store, at 1440 Northern Blvd., is set to be converted into WeWork, a membership-based coworking space, Newsday reported.
While Le Tote purchased the department store’s brand and intellectual property from Hudson’s Bay Company. for $75 million in 2019, Hudson’s Bay retained nearly all of Lord & Taylor’s real estate, Newsday reported.