HBC Unveils Plan to Transform Saks Fifth Avenue and Adjacent Beverly Hills Properties
9600 Wilshire Project to Combine HBC’s Retail, Real Estate and Technology Assets
BEVERLY HILLS, CA – June 24, 2022 – HBC Properties and Investments, HBC’s real estate and investments portfolio business, today announced an ambitious 5-year plan to restore, develop and revitalize properties affiliated with Saks Fifth Avenue around Wilshire Boulevard in Beverly Hills, California.
Encompassing six parcels spanning two blocks and totaling 3.4 acres, sites currently contain:
- The historic Saks Fifth Avenue Building (Saks Beverly Hills building), first constructed in 1938 and originally designed by notable architects Parkinson & Parkinson and Paul R. Williams, currently home to the Saks Women’s Store.
- A single-story addition to the Saks Beverly Hills building, completed in 1995, housing Saks’ shoe department (Saks shoe department).
- A vacant retail location (Barneys building), completed in 1993, at the southwestern corner of Wilshire Boulevard and South Camden Drive, formerly home to Barneys New York.
- Two surface parking lots to the rear of existing commercial buildings and one fronting Wilshire Boulevard east of and adjacent to the Barneys building.
The 9600 Wilshire redevelopment plan is part of an overall strategic shift by HBC, owner of Saks Fifth Avenue and Hudson’s Bay stores and the ecommerce businesses, Saks and The Bay, to operate at the intersection of technology, retail and real estate.
“Drawing on HBC’s rich 350-year history of entrepreneurship and reinvention” said HBC Governor, Executive Chairman, and CEO Richard Baker, “the 9600 Wilshire project is an exciting and important step on our journey to build a future-facing holding company of luxury online and brick and mortar retail, high-end real estate and an intellectual property incubator that launches new businesses such as our growing, global flexible office offering.”
The 9600 Wilshire project will include the restoration of the historic Saks building façade; the adaptive reuse of the Barneys building as the new home of Saks Fifth Avenue Women’s store; the construction of two Class-A office buildings, one on the unused Wilshire Boulevard parcel next to the former Barneys and the other on the one-story Saks shoe department parcel; the development of complementary residential apartments on the surface parking lots, and new retail, dining, membership club, and related commercial uses on the remaining portions of the site. New underground parking garages, improved vehicle circulation, and public spaces will further enhance properties and surrounding areas.
“Beverly Hills is home to some of the world’s most glamorous and exciting luxury shopping destinations, though as a community, the city has the charm of a close-knit village,” said Ian Putnam, President & CEO of HBC Properties and Investments. “The 9600 Wilshire plan will unite underutilized properties surrounding Saks in a way that maintains Beverly Hills’ village-like character, while creating value for the City and reactivating Wilshire Boulevard – bringing the commercial core of Beverly Hills into the 21st century.”
Conceptualized with executive and design architects, Marmol Radziner, the plan envisions four commercial structures – two revitalized existing buildings and two new buildings – fronting Wilshire Boulevard, consistent in height, enhancing the architectural and aesthetic character of Beverly Hills’ prime commercial corridor.
“The design for the new and the historic buildings celebrates the legacy and glamor of Wilshire Boulevard in Beverly Hills,” said Leo Marmol, FAIA, Managing Partner of Marmol Radziner. “The project will create spaces that are luxurious and embrace nature, becoming a vibrant part of the existing neighborhood.”
Saks Fifth Avenue will evolve its Beverly Hills experience with a new location in the former Barneys building. The Saks Men’s store will remain at its current location on the Southwest corner of Wilshire Boulevard and Bedford Drive in the former I. Magnin building.
Larry Bruce, President of SFA, the company that owns and operates Saks Fifth Avenue’s 41-store fleet, added, “Beverly Hills remains an important market to Saks Fifth Avenue and we have enjoyed a strong relationship with the community for nearly 80 years. We look forward to evolving our Beverly Hills experience within the former Barneys Beverly Hills location and continuing to deliver an unparalleled luxury shopping experience in this market.”
Office spaces will have state-of the-art technology that will serve the interconnected business needs of the future. At the street level, there will be an invigorated pedestrian experience led by a Saks’ signature restaurant.
“This plan provides for a complementary mix of commercial uses that will restore the Saks building and allow for the adaptive reuse of the interior to position it for an exciting future,” said Douglas Adams, Senior Vice President at Streetworks Development, the real estate development division of HBC Properties and Investments. “Creating new, thoughtfully designed spaces—that respect and enhance the historic character and integrity—offers a unique opportunity to capture unmet demand for new services and tenants.”
HBC is a holding company of investments and businesses at the intersection of technology, retail operations and real estate. It is the majority owner of iconic ecommerce companies: Saks, a leading online destination for luxury fashion, and Saks OFF 5TH, a premier luxury off-price ecommerce company offering top brands at the best prices. Both businesses were established as separate operating companies in 2021. HBC also wholly owns The Bay, a Canadian ecommerce marketplace and Hudson’s Bay, the operating company for Hudson’s Bay’s brick-and-mortar stores, as well as SFA, the entity that operates Saks Fifth Avenue’s physical locations, and O5, the operating company for Saks OFF 5TH stores. With assets spanning top markets and prime locations across North America, HBC owns or controls—either entirely or with joint venture partners—approximately 40 million square feet of gross leasable area. HBC Properties and Investments, the company’s real estate and investments portfolio business, manages these assets along with additional real estate offerings, including Streetworks Development, its property development division. Founded in 1670, HBC is North America’s longest continually operating company and is headquartered in New York and Toronto. For more information visit: www.hbc.com.