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
Office Buildings | Mar 6, 2019
How to leverage design and culture’s two-way relationship for better workplaces
The relationship between workplace design and company culture isn’t all that different from a tango.
Office Buildings | Feb 15, 2019
A healthier perspective: Office developers bet on wellness amenities to attract top-notch tenants
Owners and developers are driving demand for wellness features and practices—active stairways, biophilia, enhanced air quality, etc.—as one more way draw tenants.
Office Buildings | Feb 15, 2019
Vancouver’s new office building will be a stack of reflective boxes
OSO and Merrick Architecture designed the building.
Office Buildings | Feb 11, 2019
Real-world wellness pays off
3form, a materials manufacturer, did a top-to-bottom remodel of its Salt Lake City headquarters campus that included adding a 14,500-sf gym.
Office Buildings | Feb 5, 2019
Duluth Trading Company moves to new HQ building
Plunkett Raysich Architects designed the project.
Interior Architecture | Jan 14, 2019
To get more involved earlier in projects, a leading furniture dealer launches a firm for commercial interiors construction
Vantis is positioned to integrate design with offsite customized fabrication.
Office Buildings | Jan 11, 2019
Open offices are bad!
The Harvard studies on the unintended effects of open office defines it as space where 'one entire floor was open, transparent and boundaryless… [with] assigned seats,' and the other had 'similarly assigned seats in an open office design, with large rooms of desks and monitors and no dividers between people's desks.'
Office Buildings | Dec 18, 2018
Google announces new $1B Hudson Square campus project
The 1.7 million-sf campus will expand the company’s New York City presence.
Office Buildings | Dec 13, 2018
Apple selects Austin for $1 billion campus
The company will also build smaller expansions in six other U.S. cities over the next three years.
Office Buildings | Dec 4, 2018
Brookfield launches contest for startups to receive two years of free office space
This is part of a larger campaign to burnish the image of L.A.’s Wells Fargo Center.