With Saks’ Move, Buyers See Opportunity To Snag New Luxury Retailers
San Francisco’s Union Square has some of the world’s priciest retail rents. So when Saks Fifth Avenue said in 2015 that it planned to consolidate its Men’s Store location into its flagship store, it meant a big opening, and opportunity, at 220 Post St. The 37,425-square-foot building at 220 Post was sold in September to a partnership between Angelo, Gordon & Co. and City Center Realty Partners for $73 million. Saks relocated in October to the other property. But closing the sale was anything but easy. The brokers had to help the Taiwanese sellers with the transaction, which had to close within one week of agreeing to terms. That required around-the-clock negotiations and a team of accountants, lawyers and consultants to vet the deal quickly. Now, the owners are looking to the luxury-goods sector to fill the space, citing confidence there will be rising numbers of diners, shoppers and tourists in Union Square. Read more at San Francisco Business Times.
