{"id":1004104380,"date":"2014-09-25T07:41:33","date_gmt":"2014-09-25T15:41:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004104380"},"modified":"2022-12-08T11:23:42","modified_gmt":"2022-12-08T19:23:42","slug":"hudsons-bay-to-open-saks-store-lease-400ksf-of-office-space-in-lower-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hudsons-bay-to-open-saks-store-lease-400ksf-of-office-space-in-lower-manhattan\/","title":{"rendered":"Hudson\u2019s Bay to Open Saks Store, Lease 400 KSF of Office Space, in Lower Manhattan"},"content":{"rendered":"<p><em>By Scott Baltic, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Brookfield-Place.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004104437\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hudsons-bay-to-open-saks-store-lease-400ksf-of-office-space-in-lower-manhattan\/brookfield-place-3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Brookfield-Place.jpg\" data-orig-size=\"685,514\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Brookfield Place\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Brookfield-Place.jpg?w=685\" class=\"alignright size-medium wp-image-1004104437\" alt=\"Brookfield Place\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Brookfield-Place.jpg\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Brookfield-Place.jpg 685w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Brookfield-Place.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Hudson\u2019s 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\u2019s first luxury department store and consolidate its U.S. headquarters, Brookfield Property Partners L.P. and Hudson\u2019s Bay announced on Wednesday.<\/p>\n<p>A three-level, 85,000-square-foot Saks Fifth Avenue store will anchor Brookfield Place\u2019s retail. This will be Saks\u2019 second full-line Manhattan location, joining its flagship store on Fifth Avenue.<\/p>\n<p>The office space will consist of 233,000 square feet at 225 Liberty St. and 166,000 square feet at 250 Vesey St.<\/p>\n<p>The leases are for an approximate 20-year term.<\/p>\n<p>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.<\/p>\n<p>\u201cThese commitments for retail and office space from Hudson\u2019s Bay Co. speak to the allure of Downtown as both a retail destination and an appealing neighborhood in which to conduct business,\u201d Dennis Friedrich, CEO of the global office division of Brookfield Property Partners, said in a release. \u201cIt\u2019s another huge step forward for the area as we witness fashion, creative and media firms flocking downtown.\u201d<\/p>\n<p>Hudson\u2019s 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.<\/p>\n<p>Brookfield Place is immediately to the west of (across West Street from) the former World Trade Center, destroyed in the 9\/11 attacks.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hudson\u2019s Bay Co. will open a three-level, 85,000-square-foot Saks Fifth Avenue store that will anchor Brookfield Place in Downtown Manhattan. <\/p>\n","protected":false},"author":882,"featured_media":1004104437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21781,1600,21742,10,21747,21749],"tags":[],"class_list":["post-1004104380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-corporate-real-estate","category-new-york","category-latest","category-northeast","category-office","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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