Second Saks Fifth Avenue to Open in Lower Manhattan
Iconic retailer Saks Fifth Avenue will open a store at Brookfield Place, its second in New York City, as its owner, Hudson’s Bay Company (HBC), plans to consolidate its New York City offices and relocate to the complex.
First reported by Real Estate Weekly, HBC has signed an approximately 20-year lease for roughly 400,000 square feet of office space. This includes leasing property at 225 Liberty Street and 250 Vesey Street. According to Bloomberg News, the new Saks will occupy 85,000 square feet across three stories.
Brookfield Place is a four-building, 8.5-million-square-foot complex on the Hudson River in Lower Manhattan.
The company also plans to open an outlet, Saks Off Fifth, at 1 Liberty Plaza. Saks Fifth Avenue’s flagship store is located on upper Fifth Avenue in Midtown between 49th and 50th Streets.
CBRE’s Stephen Siegel, Michael Geoghegan, and Laura Crowley-Corrinet and Laura Pomerantz Real Estate represented Hudson’s Bay Company. Jeremiah Larkin, David Cheikin, Edward Hogan and Alexander Liscio represented Brookfield in-house.
A press release issued by the Empire State Development Corporation today noted that HBC’s move will ensure 1,850 existing corporate positions stay in the city and up to 800 new corporate jobs are created.