The Real Deal New York

Saks’ parent close to going Downtown

Hudson's Bay said to narrow choices to two Brookfield properties; will take 400,000 square feet
September 09, 2014 08:30AM

Hudson’s Bay Co. — the parent company of luxury department store Saks Fifth Avenue — is reportedly deciding between two possible locations for its Downtown office headquarters.

The luxury retailer is picking between two of Brookfield Office Properties’ Downtown towers: 225 Liberty Street (the former 2 World Financial Center) And 250 Vesey Street (the former 4 World Financial Center), according to the New York Post.

Hudson’s Bay is planning to occupy more than 400,000 square feet. The company is also talking to Brookfield to open a 90,000-square-foot location of Saks Fifth Avenue. At One Liberty Plaza, the company is in talks to open a Saks OFF 5th, the retailer’s outlet store.

Brookfield Place’s vacancy rate is currently 12 percent, according to the Post. About a year ago, after Merrill Lynch moved out, the vacancy rate was 59 percent. If Hudson’s Bay moves in, that number will drop to below 10 percent. [NYP] — Claire Moses