Nordstrom Expands Presence in Downtown San Francisco With Rack Store at 901 Market Street
SEATTLE, April 4, 2013 /PRNewswire/ -- 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 Street property enjoys exceptional visibility and access to Union Square's retail visitors and San Francisco's 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 of 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 couldn't 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.
"Nordstrom's 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.
About Hudson Pacific Properties
Hudson Pacific Properties, Inc. is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high-quality office properties and state-of-the-art media and entertainment properties in select growth markets primarily in Northern and Southern California. The Company's strategic investment program targets high barrier-to-entry, in-fill locations with favorable, long-term supply-demand characteristics in select target markets, including Los Angeles, Orange County, San Diego and San Francisco. The Company's portfolio currently consists of approximately 5.5 million square feet, not including undeveloped land that the Company believes can support an additional 2.0 million square feet. The Company has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Hudson Pacific Properties is a component of the Russell 2000® and the Russell 3000® indices. For additional information, please visit www.hudsonpacificproperties.com.
Nordstrom, Inc. is one of the leading fashion specialty retailers based in the U.S. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 242 stores in 31 states, including 117 full-line stores, 121 Nordstrom Racks, two Jeffrey boutiques, one treasure&bond store and one clearance store. Nordstrom also serves customers through Nordstrom.com and through its catalogs. Additionally, the Company operates in the online private sale marketplace through its subsidiary HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
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SOURCE Nordstrom, Inc.