Bed Bath & Beyond is getting serious about leaving Utah. CEO Marcus Lemonis has put the company’s Murray corporate office up for sublease, the latest sign that the retailer’s Salt Lake County era may be winding down after years of shuffling its headquarters footprint.
The move comes on the heels of the sale of the company’s larger Peace Coliseum campus in Midvale and its shift into a smaller Murray office late last year, a downsizing that now looks more like a pit stop than a permanent home.
According to CoStar, Lemonis told staff and investors the company is “exploring relocation options” and that the Murray headquarters is being marketed for sublease. The decision lines up with a broader effort to cut costs and refocus operations under new leadership.
Where the Company Stands Now
Company filings show Beyond closed the sale of the Peace Coliseum campus to Salt Lake County for $52 million on Dec. 20, 2024, and then took a sublease on the third floor of a Murray office totaling about 36,516 square feet, according to the company’s 2024 10-K filed with the U.S. Securities and Exchange Commission. The filing notes that the Murray sublease began in December 2024 and has an initial term that extends into 2033.
Why Executives Are Rethinking Space
Lemonis has been busy recasting the business as a home-services and platform company, pulling in acquisitions like Kirkland’s and announcing deals for The Container Store and F9 Brands to build out installation and renovation capabilities. He laid out that strategy in a shareholder letter on BusinessWire.
At the same time, Lemonis has publicly warned that automation and AI could shrink headcount and structural costs, which naturally takes the shine off a big, fixed headquarters footprint. His comments on AI’s impact on staffing and expenses were reported by Retail Dive.
Local Real-Estate Ripple
Salt Lake County’s purchase of the Peace Coliseum pulled a major corporate campus out of the private market and set the stage for converting the Midvale site to county operations, according to coverage from City Journals. That shift, combined with the prospect of a sizable Murray sublease, could open fresh angles for tenants and brokers in the central Wasatch Front office market.
What’s Next
Beyond has not named a new destination for its corporate functions, sticking to the line that executives are exploring options. Commercial-leasing watchers note that a large, short-term sublease in Murray would stand out in the market if it officially hits the listings. This story will be updated as brokers, local officials, or the company confirm timing or additional details.
