Former Lord & Taylor Site at King of Prussia Mall Gains New Tenant
A New York commercial real estate firm is buying part of the former Lord & Taylor store in King of Prussia Mall. Paul Schwedelson covered the arrangement in the Philadelphia Business Journal.
The site, which Lord & Taylor vacated in 2021, is owned by HBC Properties and Investments (HBC), a Toronto/New York firm (not Simon Property Group, which owns much of the rest of the mall).
Owing to the structure’s size (120,354-sq. ft. over two floors), flexibility, and location, HBC representatives believe healthcare and office tenants are its most likely targets.
Malls nationwide have successfully welcomed healthcare providers. They benefit from the uptick in foot traffic as patients find the extensive parking convenient and can pass time browsing while waiting for appointments.
To increase the attractiveness of the Lord & Taylor shell, HBC has renamed the structure The Hudson.
Further, it has installed large picture windows and retained Lord & Taylor’s delivery bays. The latter asset is considered an advantage for shipping and receiving purposes.
The open-concept floor plan enabled by the vast expanses that once held Lord & Taylor clothing racks and merchandise display cases is a good fit for the modern office amenities the new King of Prussia tenant supplies. Its book of properties highlights room for collaborative workspaces, flexible gathering spots, and high-tech infrastructure.
More on the changes coming to Lord & Taylor is at the Philadelphia Business Journal.
This CBS report chronicles the 2018 closing of the iconic Lord & Taylor store on Fifth Avenue in Manhattan.
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