NEW YORK — Brookfield Place has secured its second luxury tenant — Burberry, according to real estate sources.
Formerly known as the World Financial Center, Brookfield Place is in the midst of a $250 million renovation, with its eye focused on luxury brands to fill the 200,000 square feet of retail space.
Earlier this month, Edward Hogan, national director of retail leasing for Brookfield Place, confirmed that Michael Kors had signed a 1,700-square-foot lease at the property. He declined to comment about Burberry. Jan Heppe, president of Burberry U.S., could not be reached for comment.
Burberry plans to open a downtown store for men and women with 5,000 square feet of space at Brookfield Place, sources said. The flagship is expected to open on Sept. 14 when the entire Brookfield Place renovation is unveiled.
Brookfield Place will have a Fifth Avenue-like streetscape facing the 9/11 Memorial that will be several blocks long. Burberry is said to be leasing a flagship location in the Winter Garden, “one of the most prominent spots in the center,” according to a real estate source. “It’s a highly visible location.” Kors will be located in the Courtyard section of the project.
The Westfield Group in May signed a deal with the Port Authority to develop, lease and operate 365,000 square feet of retail space at 4 World Trade Center and 3 World Trade Center, which is also under construction. Shopping is spread across three levels aboveground and two below. “Retailers are realizing that between Brookfield Place and the World Trade Center, there aren’t that many spaces” for luxury brands, said the real estate source. “A luxury retailer will not open a store two levels below grade. The premium locations are limited.”
Burberry operates six locations in Manhattan, including a flagship at 9 East 57th Street, Brit and London stores at 444 Madison Avenue, Brit units at 365 Bleecker Street and 160 Columbus Avenue and a unit at 131 Spring Street.
“Pre-9/11, it was all financial services” occupying the buildings, but several large financial institutions left Lower Manhattan, said Edward Hogan, national director of retail leasing for Brookfield, when the Kors lease was revealed. “Condé Nast is making the decision to come downtown [to the World Trade Center] and has been bringing more creative firms, including media and high-tech companies.” Lower Manhattan’s demographics have changed favorably since 9/11. “Before 9/11, there were 30,000 residents living south of Chambers Street,” Hogan said. “That’s doubled to 60,000 residents. The average household income at Battery Park City is $140,000.”
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion