The Real Deal New York

Hudson’s Bay consolidates offices at Brookfield Place

Saks Fifth Avenue parent will take 485K sf at downtown office complex

September 24, 2014 01:45PM

From left: Hudson's Bay CEO Richard Baker, Brookfield Place and Dennis Friedrich

From left: Hudson’s Bay CEO Richard Baker, Brookfield Place and Dennis Friedrich

Hudson’s Bay Company, the parent of Saks Fifth Avenue, has agreed to take 485,000 square feet of office and retail space at Brookfield Place in Lower Manhattan.

The company signed for 233,000 square feet of office space at 225 Liberty Street and 166,000 square feet at 250 Vesey Street, according to the news site. The move will consolidate the retailer’s U.S. headquarters at Brookfield Property Partners’ 8.5 million-square-foot complex.

As part of the deal, Saks Fifth Avenue will anchor Brookfield Place’s retail component with a three-floor, 85,000 square-foot department store, its second location in Manhattan, the news site reported.

“These commitments from Hudson’s Bay Company speak to the allure of Downtown as both a retail and office destination,” Dennis Friedrich, CEO of the global office division of Brookfield Property Partners, told Real Estate Weekly.

Previous reports suggested Hudson’s Bay was choosing between 225 Liberty and 250 Vesey. The leases, which run about 20 years, bring Brookfield Place to 95-percent occupation after Bank of America Merrill Lynch exited, leaving a large vacancy.

Laura Pomerantz Real Estate and Stephen Siegel, Michael Geoghegan and Laura Crowley-Corrinet of CBRE represented Hudson’s Bay Company. Brookfield negotiated through an in-house team comprised of Jeremiah Larkin, David Cheikin, Edward Hogan and Alexander Liscio. [REW]Tom DiChristopher

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