Hudson of Related Cos. orchestrates lease for Nordstrom Rack at One Union Square

According to Nord-strom, Inc., it will open a 32,136 s/f Nordstrom Rack, a unit of the company's off-price retail division, at One Union Sq. South on 14th St. between Broadway and Fourth Ave. on the south side of Union Sq. Park. Scheduled to open in spring 2010, this will be the retailer's first Nordstrom Rack in the city. Webber Hudson, executive vice president of The Related Cos. forged this deal as well as one with Best Buy. "We're pleased to announce the first Manhattan Nordstrom Rack," said Scott Meden, president of Nordstrom Rack. "This is a rare opportunity that opened at the right time for us. Union Sq. is a thriving retail area and is an ideal location for the city's first Rack. When we open for business next spring, customers can expect to find savings on merchandise from many of the same brands carried at Nordstrom stores." Nordstrom Rack carries merchandise from Nordstrom stores and Nordstrom.com at 50-60% off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the lines carried in Nordstrom stores and purchased specially for Nordstrom Rack, with most at savings of 30-70% off. In the tri-state area, the company currently operates eight Nordstrom stores and three Nordstrom Racks. "Nordstrom is one of the nation's leading fashion retailers and we are delighted that they have chosen Union Sq., one of New York City's most desirable commercial destinations for their first Manhattan Nordstrom Rack store. Related has played a key role in the revitalization of Union Sq. for over a decade and we are proud to continue to contribute to the transformation of the area," said Jeff Blau, president of Related Cos. One Union Sq. South consists of a 22-story residential rental tower located above a five-story retail block that includes Regal Cinemas and several other prime retail spaces. The building's façade features a public artwall containing the mixed-media Metronome by Andrew Ginzel and Kristin Jones. Nordstrom Rack at One Union Sq. South will have 30 ft. of street level storefront and will occupy the lower level of the former Virgin Megastore. Also joining Nordstrom at One Union Sq. South is an approx. 46,000 s/f Best Buy, which is expected to open in the former Circuit City space during the fourth quarter of 2009. Union Square is a center of food and fashion, culture and cutting edge businesses. The approximately 12,000 businesses located within a half-mile radius of Union Sq. employs about 140,000 people. Union Sq. is home to the one of the city's oldest Greenmarkets, a beautiful historic park, and hundreds of restaurants and shops. Related was formed over 37 years ago and is today considered the most prominent privately owned real estate firm in the United States with divisions in development, acquisitions, property management, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, Las Vegas, San Francisco and South Florida and boasts a team of more than 2,000 professionals. Related has real estate assets worth over $15 billion, including New York City's newest landmark Time Warner Center. Related has long been committed to the Union Square area, having completed historical redevelopments (the Century Building on 17th Street and the W Union Square Hotel on Park Avenue South), as well as newly-constructed buildings (The Sierra on West 15th Street and One Union Square South at the base of Union Square). Related President Jeff Blau also serves on the board of directors of the Union Square Partnership. Nordstrom, Inc. is one of the nation's leading fashion specialty retailers, with 175 stores located in 28 states. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 111 full-line stores, 61 Nordstrom Racks, two Jeffrey boutiques and one clearance store.