Printemps Opening First U.S. Store at Macklowe's One Wall Street

Harry Macklowe’s One Wall Street is getting a touch of class — and a whiff of Paris.

French luxury department store chain Printemps said Wednesday that it will open a 54,000-square-foot location at the landmarked Financial District building, its first in the U.S. Terms of the lease were not disclosed.

Parisian architect and interior designer Laura Gonzalez will fashion the space, which will incorporate One Wall Street’s ground-floor Red Room, one of a handful of indoor landmarks in the city.

In a press release that noted the city’s “rapidly changing Financial District,” Printemps CEO Jean-Marc Bellaiche said the company plans “to pioneer a new format of experiential retail” in the space. It will take some time for that vision to become a reality, though; the store isn’t expected to open until spring 2024.

Macklowe has spent the last several years pursuing a massive condo conversion at the 51-story One Wall Street, which he bought for $585 million in 2014. The developer scored a $750 million construction loan from Deutsche Bank in 2018 to fund the 566-unit conversion. An offering plan approved around that time projected a $1.7 billion sellout.

Other retail tenants in the building include Whole Foods and Life Time Fitness.

Printemps was founded in 1865 and has largely remained in France for its history. After Qatari investors bought the company in 2013, however, expansion has been brewing. The retailer’s first location outside of France is set to open next month in Qatar ahead of that country’s hosting of the World Cup, according to Bloomberg.