The company will transform and redesign the 6X6 building at 945 Market Street into a new retail destination that’s anchored by IKEA and complemented with mixed-use offerings that are uniquely suited for San Franciscans and their lifestyle. The IKEA store and first phase of redevelopment are slated to open in fall 2021.
The acquisition is Ingka Centres’ first in the U.S., representing a milestone for the company, which in 2018 announced a new strategic vision and investment of €7.3bn (approximately $8.6bn) to transform its business in response to the changing retail environment.
Gerard Groener, Ingka Centres’ General Manager, said: “Our urban projects are all about getting closer to our customers. 6X6 is an impressive six-floor glass building, with smart modern design and internal areas that provide the ideal canvas to create something truly spectacular. We believe Ingka Centres can transform the performance of well-located assets like 6X6 by aligning their offers to how people want to spend their time. We’re so excited about the potential that 6X6 building represents to Ingka Centres and local communities.”
6X6 will be Ingka Centres’ second mixed-use project in a downtown location, following the company’s acquisition of Kings Mall in London’s Hammersmith earlier this year. The company is evaluating opportunities within 40 major cities across Europe, Russia, North America, Asia and Oceania to introduce their vibrant, urban destinations. In the U.S., the company is actively targeting sites for similar projects in New York City, Los Angeles and Chicago.