Downtown Manhattan is about to become trendier. Hudson’s Bay Company announced on Wednesday that it will open an 85,000-square-foot Saks Fifth Avenue store in Brookfield Place on Liberty Street in 2016, and a 55,000-square-foot Saks Off 5th store at One Liberty Plaza in Lower Manhattan in 2017. The new Saks Off 5th store will become the flagship for the company’s growing outlet business.
An additional 400,000-square-foot office space at Brookfield Place will become the company’s home office for its New York City associates. Office moves are expected to take place in mid to late 2016.
Donald Watros, president of Hudson’s Bay Company, said, “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.” He added, “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.”
Brookfield Property Partners CEO of global office division Dennis Friedrich, said Saks Fifth Avenue will be downtown’s first-ever luxury department and it will anchor a collection of luxury retailers opening stores in Brookfield Place. He added, “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.”
News of Saks’ expansion to lower Manhattan comes on the heels of Neiman Marcus Group’s announcement earlier this month that it will open its first Neiman Marcus store in New York City in 2018. The 250,000-square-foot department store will anchor the luxury Hudson Yard complex, the future home of New York Fashion Week, located on West 28th Street.