The Gap is officially signing the lease to take over the space currently occupied by the Toys R Us flagship store in Times Square, according to a Friday report.

The company released the following official statement following the CNBC report:

“We’re pleased to confirm our plans to construct our newest Gap and Old Navy flagship stores in one of the world’s most well-known locations — Times Square.”

The lease is for the Bowtie building, located at 1514 Broadway at Seventh Avenue. The Toys R Us lease expires in January 2016.