The first-ever Netflix House entertainment-and-shopping venue debuted at a Pennsylvania mall two months ago. Now the building where it's located, a former Lord & Taylor store, is up for sale.
CBRE is the exclusive broker marketing and handling the sale of the 120,000-square-foot anchor property at the King of Prussia mall. The site at 180 N. Gulph Road went on the block about six weeks ago, not long after Netflix House officially debuted there on Nov. 12.
Netflix House has a long-term lease for its inaugural location in King of Prussia and will remain open there — a fact that CBRE is using as a selling point for the building.
New York-based Saks Global — parent of Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — and mall landlord Simon Property Group jointly own most of what remain of the vacant and defunct Lord & Taylor stores. Indianapolis-based Simon is also the owner of the King of Prussia retail center, the largest mall by rentable square footage in the United States.
Saks Global, after reportedly missing a $100 million bond payment last month, is trying to quickly line up $1 billion in financing to either fund a Chapter 11 reorganization or avoid one, according to numerous media reports.
During the past year, the debt-burdened luxury retail giant has been closing some stores and divesting some real estate to raise cash. Most recently, it sold the land beneath its flagship Neiman Marcus store in Beverly Hills and is doing the same with the site of its Neiman Marcus location in San Francisco. Both those stores will remain open.
Netflix as a credit-worthy tenant
Netflix, the Los Gatos, California-based streaming company, is rolling out immersive locations with activities, shopping and dining tied to its hit movies and TV programming under the Netflix House banner. The King of Prussia Netflix House site was the first to open, with a second one debuting in Dallas last month. A third is planned for Las Vegas.
CBRE declined to comment. Saks Global, Simon and Netflix didn't immediately respond to emails from CoStar News on Wednesday seeking comment.
But in marketing materials, CBRE mapped out the advantages of owning the building that contains Netflix House in King of Prussia.
"This first-of-its-kind concept is an experiential entertainment venue offering retail, dining and immersive experiences centered around Netflix’s [intellectual property] content," CBRE said. "Netflix House’s net lease has nine years of term remaining with 2.5% annual rent escalations and features a corporate guaranty from Netflix."
This isn't the first time that the former Lord & Taylor has been on the market. In the summer of 2024, long before Netflix House opened, the property was up sale with CBRE again being the listing agent. But it was withdrawn in March 2025 and relisted later that year after Netflix House opened.
The Netflix House in Dallas is also located in a former department store space in a mall: a vacant Belk at Galleria Dallas.
Hudson's Bay Co., HBC, had once been the owner of the Lord & Taylor department store chain, but Le Tote purchased the retailer from it for a reported $100 million in 2019. Le Tote filed for Chapter 11 bankruptcy protection in 2020 during the height of the pandemic, leading to the chain’s liquidation and vacant Lord & Taylor spaces across various malls.
HBC, Simon joint venture
But HBC retained ownership of its brick-and-mortar real estate, the now-empty Lord & Taylor locations. They are held by a joint venture, HBS Global Properties, that HBC and Simon formed roughly a decade ago. The goal was to own, manage and monetize a large retail property portfolio that includes department store locations of not only Lord & Taylor but Saks Fifth Avenue.
Last year, HBC's U.S. real estate assets were consolidated under a new entity called Saks Global following the company's $2.7 billion acquisition of its upscale rival Neiman Marcus Group.
During the past few years, what is now Saks Global has been spearheading finding ways to redevelop and repurpose former Lord & Taylor stores, which is what happened with Netflix House in King of Prussia. In New Jersey, J.C. Penney relocated to a former Lord & Taylor space at the Willowbrook mall in Wayne. The defunct chain's location at the Freehold Raceway Mall in the Garden State was replaced by a Dick's House of Sport. And some vacant Lord & Taylor stores have been sold.
CoStar News reporter Brannon Boswell contributed.