Brookfield Property Partners today announced that it has completed leases with Hudson’s Bay Company totaling 485,000 s/f at its Brookfield Place complex in Lower Manhattan.
“These commitments from Hudson’s Bay Company speak to the allure of Downtown as both a retail and office destination,” said 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 migrating to Lower Manhattan. 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.”
“We are excited about the opening of a second New York City Saks Fifth Avenue store. 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. We could not imagine a better and more fitting location for what we consider to be New York City’s preeminent luxury store,” commented Richard Baker, Governor and CEO, Hudson’s Bay Company.
Details of transactions are as follows:
A three-level, 85,000 s/f Saks Fifth Avenue luxury department store will anchor Brookfield Place, Downtown Manhattan’s premier luxury shopping destination. This is the retailer’s second full-line Manhattan location, joining its flagship store on Fifth Avenue and Lower Manhattan’s first luxury department store.
Hudson’s Bay Company, the parent company of Saks Fifth Avenue, will consolidate its U.S. headquarters at Brookfield Place, with 233,000 s/f at 225 Liberty Street and 166,000 s/f at 250 Vesey Street for a total of 400,000 s/f of office space in the 8.5-million-square-foot complex on the Hudson River.
Brookfield has leased 3.1 million square feet at Brookfield Place, bringing it to 95 percent leased, since the expiry of the Bank of America Merrill Lynch lease on September 30, 2013.
In addition, a 55,000 s/f Saks Fifth Avenue OFF FIFTH is anticipated to open in 2017 at One Liberty Plaza, the first downtown location for OFF FIFTH.
“The new Saks OFF FIFTH store at One Liberty Plaza, when opened in 2017, will become the flagship for our growing outlet business, exemplifying our strategy to expand our off-price concept in urban markets,” added Baker, of Hudson’s Bay Company.
The leases are for an approximate 20-year term. Hudson’s Bay Company was represented by of Laura Pomerantz Real Estate, and CBRE’s Stephen Siegel, Michael Geoghegan, Michael Monahan, Lauren Crowley Corrinet and Ariel Ball. Brookfield was represented in-house by Jeremiah Larkin, David Cheikin, Edward Hogan and Alexander Liscio.