Nordstrom Rack Comes to Fifth and Market
DS NORDSTROM RACK
Who says you have to be rich to be a fashionista?
SEATTLE (April 4, 2013) Seattle-based Nordstrom, Inc. (NYSE: JWN) announced today plans to open a Nordstrom Rack under a new 45,496 square-foot lease signed at the 901 Market Street property in San Francisco owned by Hudson Pacific Properties, Inc. (NYSE: HPP). Encompassing a portion of the ground floor and entire second floor, the new lease will furnish two stories of prominent retail space scheduled to commence with the opening of the store for business in spring 2014.
We are pleased to announce the signing of this new lease at 901 Market with Nordstrom, Inc., said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. The 901 Market property enjoys exceptional visibility and access to Union Squares retail visitors and San Franciscos burgeoning technology and social media-oriented tenants. This leasing activity demonstrates our ability to attract a highly respected anchor tenant at this well- located property that is ideally suited to meet the needs a unique market.
Nordstrom currently operates a full-line store in Westfield San Francisco Shopping Centre just across Fifth Avenue on Market Street. We have been serving customers in our store on Market Street since 1988. We couldnt be more thrilled to be locating a Rack at 901 Market Street. This Hudson Pacific Properties building is in one of the best retail locations in any city. We look forward to better serving our customers residents, commuters and tourists alike, said Geevy Thomas, president of Nordstrom Rack.
Nordstroms decision to locate their newest Nordstrom Rack store on Market Street speaks to the strength of the San Francisco retail market and investor confidence in Central Market, said San Francisco Mayor Edwin M. Lee. Our focused effort to bring new jobs, investment and a diversity of retailers to the area is paying off.
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., carrying on-trend merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores. These items are purchased specially for Nordstrom Rack, with most at savings of 30 to 70 percent off. Nordstrom operates ten full-line stores and ten Rack stores in Northern California.
901 Market is an approximately 212,000 square-foot historic landmark building consisting of approximately 122,000 square feet of office space and 90,000 square feet of retail space. The
new Nordstrom Rack will be centrally located in downtown San Francisco on the corner of Fifth Street and Market Street, adjacent to the Westfield San Francisco Shopping Centre and the Union Square BART entrance with excellent accessibility to Union Square.