NEW YORK CITY—Hudson's Bay Company has signed a lease with Brookfield Property Partners to open a 85,000-square-foot Saks Fifth Avenue store in Brookfield Place at 225 Liberty St. and a 55,000-square-foot Saks OFF 5TH store at One Liberty Plaza in Lower Manhattan. In addition, HBC is leasing 400,000 square feet of office space, adjacent to the Saks Fifth Avenue store at Brookfield Place. This space will become the home office for the company's New York City based corporate associates.
“This store will cater to what we believe is an underserved and rapidly growing downtown luxury market, and positioning ourselves in this key center in Manhattan will strengthen our foothold as the ultimate luxury shopping destination,” says Richard Baker, governor and CEO of Hudson's Bay Company. “We could not imagine a better and more fitting location for what we consider to be New York City's preeminent luxury store.
“The new Saks OFF 5TH store at One Liberty Plaza, which is anticipated to open in 2017, will become the flagship for our growing outlet business, exemplifying our strategy to expand our off-price concept into urban markets,” he adds.
“This move will base our New York City corporate Associates in a state-of-the-art facility with exceptional amenities that will support our growth, and enable more integration and collaboration across our banners and functions. We are particularly excited about this location in Lower Manhattan and believe that this vibrant and flourishing area is quickly becoming one of New York City's premier office locations,” says Donald Watros, president, Hudson's Bay Company.
“These commitments for retail and office space from Hudson's Bay Company speak to the allure of Downtown as both a retail destination and an appealing neighborhood in which to conduct business,” notes Dennis Friedrich, CEO of the global office division of Brookfield Property Partners. “It's another huge step forward for the area as we witness fashion, creative and media firms flocking downtown. Moreover, Saks Fifth Avenue will anchor the collection of luxury retailers coming to Brookfield Place in 2016 as downtown's first-ever luxury department store.”
Back in July, when it was revealed that this plan was under consideration—albeit with projections of the retailer taking much less space than it has signed on for—leasing and retail analysts cited a number of reasons why the Downtown presence made a lot of sense.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
