Hudson’s Bay to Open Saks Store, Lease 400 KSF of Office Space, in Lower Manhattan
- Sep 25, 2014
Hudson’s Bay Co., the parent of Saks Fifth Avenue, already has a group of leases at Brookfield Place in Downtown Manhattan totaling 485,000 square feet. Next, it will open Lower Manhattan’s first luxury department store and consolidate its U.S. headquarters, Brookfield Property Partners L.P. and Hudson’s Bay announced on Wednesday.
A three-level, 85,000-square-foot Saks Fifth Avenue store will anchor Brookfield Place’s retail. This will be Saks’ second full-line Manhattan location, joining its flagship store on Fifth Avenue.
The office space will consist of 233,000 square feet at 225 Liberty St. and 166,000 square feet at 250 Vesey St.
The leases are for an approximate 20-year term.
The majority of the office moves will take place in mid to late 2016, and the Saks Fifth Avenue store is slated to open in spring 2016.
“These commitments for retail and office space from Hudson’s Bay Co. speak to the allure of Downtown as both a retail destination and an appealing neighborhood in which to conduct business,” Dennis Friedrich, CEO of the global office division of Brookfield Property Partners, said in a release. “It’s another huge step forward for the area as we witness fashion, creative and media firms flocking downtown.”
Hudson’s Bay was represented by Laura Pomerantz of Laura Pomerantz Real Estate and by Stephen Siegel, Michael Geoghegan and Lauren Crowley Corrinet of CBRE. Brookfield was represented in-house by Jeremiah Larkin, David Cheikin, Edward Hogan and Alexander Liscio.
Brookfield Place is immediately to the west of (across West Street from) the former World Trade Center, destroyed in the 9/11 attacks.
The 8.5 million-square-foot, 25-year-old complex of five buildings, plus a marina on the Hudson River, is currently undergoing a $250 million renovation. More to the point, its office component is back up to 95 percent occupancy, following the loss of about 3 million square feet of occupancy after Merrill Lynch was absorbed by Bank of America.
Finally, a 55,000-square-foot Saks Fifth Avenue Off Fifth store is scheduled to open in 2017 at One Liberty Plaza, a Brookfield-owned building three blocks east of Brookfield Place, on the opposite side of the World Trade Center site.