Saks Plans Stores, Office Space Downtown
Saks Fifth Avenue is planning two locations in Lower Manhattan, The Wall Street Journal reported. The expansion would include a department store and Saks Off Fifth outlet, along with a potential 400,000 square-foot office space for the department store’s parent company, Hudson’s Bay Co.
The possible site of the department store is Brookfield Place, while the outlet and office-space headquarters may be located at Brookfield’s One Liberty Plaza building, according to the Journal.
The office space would serve as U.S. headquarters for Saks, Saks Off Fifth, Lord & Taylor, and Canadian department-store owner, Hudson’s Bay, which has owned Saks for a year, WSJ reported. Brookfield Place and One Liberty Plaza are both owned by Brookfield Office Properties.
The Saks flagship department store is situated further uptown at 611 Fifth Avenue, between 49th and 50th Streets. The location neighbors an array of other high-end retailers and Rockefeller Center.
Hudson’s Bay and potential landlord, Brookfield Office Properties, plan to have leases signed within the next couple of months, WSJ reported, though the deal may still not reach completion.