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SAKS FIFTH AVENUE TAKES 10 FLOORS IN TOWER 49

 SAKS FIFTH AVENUE TAKES 10 FLOORS IN TOWER 49
 NEW YORK, Aug. 11 /PRNewswire/ -- Shoichi Kato and Melvin Jacobs


signed a lease for 150,000 square feet of office space in Tower 49 at 12 East 49th Street, today at 4 p.m. This building will serve as the firm's worldwide headquarters and signifies the company's commitment to successful growth and opportunity in the future.
 Jacobs, chairman and chief executive officer of Saks Fifth Avenue said, "The move will make for greater internal efficiency by centralizing several functions that had previously operated out of separate locations. We are very pleased to have made this long-term commitment to Tower 49, a superb property located directly across the street from our flagship store on Fifth Avenue." The company will move the alterations department from its current 15th Street location to the 10th floor of the New York store, enabling Saks to service their customers more efficiently.
 Alan Nishii, Kato Real Estate Corporation's vice president in charge of New York operations remarked "We're very happy that one of the finest and most prestigious retailers in the world has made a long-term commitment to our building." Joseph P. McCluskey, a senior vice president at Helmsley-Spear, Inc. which was the sole brokerage firm involved with the transaction, said "This move, which brings Tower 49 to 98 percent occupancy level, is a much welcomed vote of confidence for the midtown Manhattan office market."
 -0- 8/11/92
 /CONTACT: Helen O'Hagan of Saks Fifth Avenue, 212-940-4240, or 212-940-4248/ CO: Saks Fifth Avenue ST: New York IN: REA SU:


PS-OS -- NY086 -- 9096 08/11/92 16:08 EDT
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Date:Aug 11, 1992
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