(For more retail coverage, click GlobeSt.com/RETAIL.)

BOSTON-Filene's Basement will move part of its business above ground next month when it takes space on the first floor of its Downtown Crossing building in a scramble to find another temporary offsite home for its flagship store during renovation work.

Store officials said that, unless a new Downtown Crossing location is found, they may have to close the well-known basement store for two years while the property's new owners, the locally based Gale Group and Vornado Realty Trust of New York City, undertake a massive overhaul of the building. The property is part of four Downtown Crossing buildings purchased by the developers as part of a $100-million acquisition of Federated Department Stores. The joint venture group plans to turn the four buildings into a 1.2-million-sf mixed-use development. The project includes the construction of a 38-story office tower along with condominium apartments, retail space and a hotel.

According to a statement released by Filene's Basement, the retailer will relocate a portion of its operations to the first floor at 426 Washington St. but will close entirely in the late summer or early fall for two years before reopening in the spring of 2008 at its current location. A spokeswoman for Filene's Basement says the store is hoping to find temporary space at another Downtown Crossing location that will allow it to remain open during the construction.