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Saks Closed Its Brookfield Place Store. A Huge Events And Meetings Space Will Replace It

The glass atrium at Brookfield Place in Lower Manhattan

Brookfield is filling a major retail loss at its signature Manhattan property with a flagship location of events space provider Convene.

Convene plans to open a 73K SF space in Brookfield Place by the end of this year, replacing most of the space Saks Fifth Avenue vacated in the lower levels of the complex that sits between the Hudson River and the World Trade Center. Brookfield is Convene's largest shareholder and led its latest funding round.

“We recognized that sophisticated event and flex meeting space was a component that would enhance the Brookfield Place experience for office tenants and visitors alike,” Ben Brown, the executive vice president and head of New York and Boston for Brookfield Property Group, said in a release. "Convene’s unique plans for this space, coupled with its exceptional hospitality services, will be a game-changer for Brookfield Place on all fronts.”

The Convene space will occupy about a quarter of the total retail square footage of Brookfield Place, below the offices once known as the World Financial Center, Bloomberg reports. American Express, Vox Media and J.Crew are among the companies headquartered in the office buildings at Brookfield Place.

The Saks women's store had been the Brookfield Place mall's largest tenant, but closed after two years, according to Bloomberg. Convene will build out two 500-seat event venues and offer a café and a building-wide catering program similar to hotel room service.

The flagship Convene in Brookfield Place will be the 30th location of the flexible events space in the country, and the sixth in a Brookfield property. The company also has office workspaces in some of its locations. Convene's biggest space in the city is 93K SF at One Liberty Plaza, which Brookfield co-owns with Blackstone.