Simon Property Group to increase lost Saks rents to $44M
Simon Property Group is set to convert $18M in annual Saks Global rents into $44M by re-leasing the 1 million square feet vacated when Saks Off 5th shuttered.
The company has already filled roughly half of the vacant Saks space and recovered more than the $18M it lost.
Initial base rent from new leases rose 17% year-over-year through Q2 2026, with remaining space in final stages of negotiation.
Saks Global exited bankruptcy in June as Exemplar Luxury Group with a two-thirds smaller store count after its $2.7 billion acquisition of Neiman Marcus in 2024 left it unable to service $2 billion in debt.