FINANCE

Report: Starwood Capital joins bidding for Saks

BY Dan Berthiaume

New York — Starwood Capital Group LLC, the investment firm headed by real estate developer Barry Sternlicht, has joined the bidding for Saks Inc., according to a report by the New York Post. Starwood Capital invests in retail, office and residential real estate.

The bid by Starwood is worth about $2.5 billion, or $17-$18 per share, according to the report. The amount is roughly equal to a previously existing bid from Canadian retail conglomerate Hudson’s Bay, which also owns the Lord & Taylor department store chain.

The New York Post reports a third bidder, most likely a sovereign-wealth fund from the Middle Eastern nation of Qatar, is also in the running to purchase Saks.

Sternlicht may be the preferred bidder of Saks ownership because he would let CEO Steve Sadove retain his position, according to the report. Saks has not commented publicly on the Sternlicht bid.

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REAL ESTATE

The Outlet Collection | Seattle adds retailers

BY Michael Fickes

Columbus, Ohio — Glimcher Realty Trust has released the tenant list for The Outlet Collection | Seattle, which is nearing completion of a major, $35 million renovation. The renovation is transforming the center into a designer fashion outlet mall.

The tenant list includes several retailers new to center. They are Coach, Nike, Michael Kors, J. Crew, Brooks Brothers, Loft Outlet, H&M and Sketchers.

When the renovation wraps up, the center will be 94% occupied with more than 100,000 sq. ft. of new outlet retail brands. A grand re-opening will take place Oct. 17.

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REAL ESTATE

AT&T Announces 200-plus retail jobs in South Florida

BY Michael Fickes

Miami — AT&T is looking to fill nearly 235 retail openings in South Florida before the end of October.

More than half of the openings are newly created jobs for retail sales consultants and retail sales managers from Key West to Vero Beach. More than 40 of the new positions will staff two new AT&T www.att.com stores slated to open in Miami this October.

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