Saks Fifth Avenue and Saks Off 5th to open in Lower Manhattan

Hudson’s Bay Company has signed a lease with Brookfield Property Partners L.P. to open an 85,000-sq.-ft. Saks Fifth Avenue store in Brookfield Place at 225 Liberty Street and a 55,000-sq.-ft. Saks Off 5th store at One Liberty Plaza in Lower Manhattan.



HBC is also leasing 400,000 sq. ft. 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.



“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,” said governor and CEO Richard Baker.



The new Saks Off 5th store at One Liberty Plaza, which is anticipated to open in 2017, will become the flagship for the company’s growing outlet business, as the company continues to expand its off-price concept into urban markets.



“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,” added company president Donald Watros.



“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,” 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 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.”



The majority of the office moves will take place in mid to late 2016. The Saks Fifth Avenue store is slated to open in spring 2016 and the Saks Off 5th is anticipated to open in fall 2017.