On Feb. 27, Macy’s announced via a press release it will be selling the 8th through the 14th floors of its flagship State Street store in Chicago to a private real estate fund sponsored by Brookfield Asset Management. Brookfield intends to convert the floors into office space.
Macy’s will receive a total of $30 million for the space ($27 million of consideration and a $3 million contribution for certain improvements). The company says the floors were largely unused and it will use the money from the sale to “make Macy’s on State Street a more vibrant shopping destination.”
The transaction is anticipated to close in the first half of fiscal 2018.
Related Stories
| Jun 1, 2012
New BD+C University Course on Insulated Metal Panels available
By completing this course, you earn 1.0 HSW/SD AIA Learning Units.
| Jun 1, 2012
Robert Wilson joins SmithGroupJJR
Wilson makes the move to SmithGroupJJR from VOA Associates, Inc., where he served as a senior vice president and technical director in its Chicago office.
| May 31, 2012
5 military construction trends
Defense spending may be down somewhat, but there’s still plenty of project dollars out there if you know where to look.
| May 29, 2012
Reconstruction Awards Entry Information
Download a PDF of the Entry Information at the bottom of this page.
| May 29, 2012
Legrand achieves over 20% energy-intensity reduction in Presidential Challenge
West Hartford headquarters announced as Better Buildings, Better Plants “Showcase” site.
| May 24, 2012
2012 Reconstruction Awards Entry Form
Download a PDF of the Entry Form at the bottom of this page.
| May 15, 2012
Don’t be insulated from green building
Examining the roles of insulation and manufacturing in sustainability’s growth.
| May 15, 2012
SAGE Electrochromics to become wholly owned subsidiary of Saint-Gobain
This deal will help SAGE expand into international markets, develop new products and complete construction of the company’s new, state-of-the-art manufacturing facility in Faribault, Minn.
| May 14, 2012
Adrian Smith + Gordon Gill Architecture design Seoul’s Dancing Dragons
Supertall two-tower complex located in Seoul’s Yongsan International Business District.
