The retailer has opted not to renew its lease for the 110,000 square foot flagship store in New York.

Toys R Us to vacate Times Square in 2016

Toys R Us will not be renewing the lease for its 110,000 square foot flagship store on Times Square.

The store, known for its 60-foot indoor Ferris wheel and animated T-Rex, will close its doors in February 2016.

The Commercial Observer reports that instead of renewing its current lease, the toy retail giant may be looking at a move to retail space in the neighbourhood.

“They did not exercise the option to renew,” said Brad Mendelson from Cushman & Wakefield, who is marketing Toys R Us’ space on behalf of landlord Charles Moss.

“Here’s the long and short of it. They have 21,000 square feet [on the ground floor]. There really is not a tenant that can rent that. The market has just escalated so.”

Rent for the ground floor in the 150,000 square foot building is $2,500 per square foot, $150 per foot on the lower level and $350 a foot on the second floor.

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