Venerable toy store FAO Schwarz is closing its New York City flagship location on Fifth Avenue effective immediately.

The store, a 45,000-square-foot footprint, has been in operation for almost 30 years.

According to FAO Schwarz, which is owned by Toys ‘R’ Us, the move is to combat the “continuing rising costs of operating a retail location on Fifth Avenue in New York City.” As a result, the company is terminating its lease early, in advance of the 2017 lease expiration on the property, in order to save on rent. The announcement to close the iconic location was made in May.

FAO Schwartz says it is actively looking for new retail locations in midtown Manhattan and will place its full- and part-time workers at TRU and Babies ‘R’ Us retailers in the greater New York/New Jersey area.