Democrats such as Elizabeth Warren had their eye on business and the working class during the first 2020 presidential primary debate in Miami.2020 Electionsread more
The issue over health insurance marked the first stark divide among the candidates, and sparked a heated back-and-forth between many of the candidates on stage.Politicsread more
Huawei's legal chief told CNBC that the company makes "solutions for civil use."Technologyread more
Four candidates mentioned China — but none of the Democratic contenders brought up trade in the debate.Politicsread more
In a strategy to draw attention away from Wednesday's Democratic debate, President Donald Trump's reelection campaign bought out YouTube's "masthead," the leading...2020 Electionsread more
The Federal Aviation Administration said on Wednesday that is has found an issue with the Boeing 737 Max that the manufacturer must address before it lifts the grounding...Airlinesread more
The collapse of the deal potentially ended Sinclair's hopes of building a national conservative-leaning TV powerhouse that might have rivaled Fox News.Mediaread more
Huawei legal chief Song Liuping told CNBC that the company is in the "early phase" of talks with Verizon over paying royalties.Technologyread more
Virginia Sen. Mark Warner breaks down the idea behind a bipartisan bill he introduced to provide more transparency in Big Tech.Technologyread more
U.S. President Donald Trump on Thursday asked India to withdraw retaliatory tariffs that New Delhi imposed this month, calling the duties "unacceptable."World Economyread more
Wi-Fi 6 will be the next-generation wireless standard. Along with 5G, it will represent the next big shift in connectivity and data, said Irving Tan, senior vice president and...Shaping the futureread more
The real estate that came with Hudson's Bay's $2.9 billion purchase last year of the Saks department store chain was "a little added gift with purchase," CEO Richard Baker told CNBC on Tuesday.
That's some gift. On Monday, the company announced its Saks flagship on Manhattan's Fifth Avenue has been valued at $3.7 billion, making it the most valuable retail building in the world.
Baker said the appraisal was an example of an operating company with hidden real estate assets with tremendous value, comparing it to Hilton's nearly $2 billion sale of the Waldorf Astoria last month to Chinese insurance giant Anbang Group.
"This comes out most often in markets like this where the real estate market is really driving up and all of a sudden these jewels come out of these operating companies," Baker said in an interview on "Squawk on the Street."
He said the appraisal is no surprise given the valuations of a number of asset classes on Fifth Avenue and the strength of New York City's real estate market.
Retail space along Fifth Avenue, between 49th and 59th streets, boasted the highest average ground floor asking rents among all shopping strips in New York City in 2014, according to the Real Estate Board of New York. Asking rents are up 16 percent over last year.
By securing a $1.25 billion loan against its Saks Fifth Avenue building, Hudson's Bay was able to take out a 20-year interest-only loan with a fixed rate below 4.4 percent.
The company will use part of that loan to reinvest in the property that underwrote it, giving the iconic Fifth Avenue department store a $250 million touch-up.
"This is the single most valuable retail building in the world and it deserves to be the finest retail store in the world," Baker said, adding that the success of the location has the potential to drive up sales and EBITDA.
Hudson's Bay said Saks Fifth Avenue represents less than half of the company's real estate portfolio. By the end of the fiscal reporting period, the retailer will make clear its plans for its real estate portfolio, said Baker.
"We are working diligently and expect to present our entire real estate strategy, which will show more clearly the value of our other assets and the structure we'll have going forward," he said.