Saks Off 5th, the off-price division of Saks Global, is vacating its 57th Street location in Manhattan, WWD has learned.

Sources said the building housing Saks Off Fifth, located in an office tower at 125 East 57th Street near Lexington Avenue, was sold to a new owner, who plans to create residences on the site, meaning there will be construction disrupting business at the store. One source said that due to the impending construction, which is seen occurring over at least two years, Saks Off 5th officials decided to vacate the space. It’s not clear whether other factors were involved in the decision. However, the store will continue to be open for business through the holiday season.

In response to a query from WWD, a Saks Off 5th spokesperson provided the following statement:

“Under ne

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