HBC, whose portfolio firms include retailers such as Hudson’s Bay, owns or manages 40 million square feet of gross leasable space throughout North America completely or via joint venture partners, according to an announcement.
“This is an exciting phase of our company’s transformation and provides us with a significant opportunity to unleash the full potential of our real estate and investments business,” HBC Executive Chairman and CEO Richard Baker said in the announcement. “Under this new organization, we will build upon our strong foundation of valuable real estate assets in key demographic areas.”
HBCPI also showcases Streetworks Development, which is a property development arm that forms multi-use environments. The Streetworks Development workforce will spearhead the organizing and operation of initiatives that update properties to “unlock value-enhancing opportunities,” according to the announcement.
Ian Putnam has been named to be the president and chief executive of HBC Properties and Investments.
“With HBC’s valuable portfolio of real estate and investments, including marquee flagship properties in prime metropolitan markets, coupled with Streetworks Development expertise, HBCPI is well-positioned to succeed in today’s landscape,” Putnam said in the announcement.
Beyond Hudson’s Bay, HBC’s portfolio companies also include luxury retailer Saks Fifth Avenue and discount retailer Saks OFF 5TH. HBC, which was started in 1670, says it’s “North America’s longest continually operating company.”
In separate news, Related Companies CEO Jeff Blau said hundreds of thousands of square feet of empty space left behind at closed shopping centers can be remade into offices or housing units.
“If we were to convert a Neiman’s and put a tech company in there with 2,000 employees, the traffic generated from incremental office space would bring much more business to the retailers down below than a different department store,” Blau said during a previous online broadcast.