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
Giants 400 | Oct 17, 2017
Top 110 office architecture firms
Gensler, Jacobs, and HOK top BD+C’s ranking of the nation’s largest office sector architecture and AE firms, as reported in the 2017 Giants 300 Report.
Reconstruction & Renovation | Sep 28, 2017
Plans for Chicago’s historic Post Office building revealed by 601W Companies and Gensler
The redevelopment project is currently the largest in the nation.
Office Buildings | Sep 27, 2017
Gensler designs New Jersey law firm’s new headquarters space
The HQ occupies 75,000 sf in a 400,000-sf suburban office building.
Mixed-Use | Sep 26, 2017
Perkins+Will designs new international business community in Cali, Colombia
The new free trade zone is designed to resemble a small village.
Office Buildings | Sep 20, 2017
Five Stantec offices move into one Fifth Avenue location
The new location provides the firm with 40,000 sf of space.
Industrial Facilities | Aug 29, 2017
Clayco completes construction on Georgia-Pacific Distribution Center
The new facility expands on the company’s old distribution facility by over 300,000 sf.
Green | Aug 24, 2017
Business case for WELL still developing after first generation office fitouts completed
The costs ranged from 50 cents to $4 per sf, according to a ULI report.
Market Data | Aug 20, 2017
Some suburban office markets are holding their own against corporate exodus to cities
An analysis of mortgage-backed loans suggests that demand remains relatively steady.
Office Buildings | Aug 17, 2017
Toyota’s new North American HQ opens in Plano
Toyota invested $1 billion in the project, which was designed by Corgan.
Lighting | Aug 2, 2017
Dynamic white lighting mimics daylighting
By varying an LED luminaire’s color temperature, it is possible to mimic daylighting, to some extent, and the natural circadian rhythms that accompany it, writes DLR Group’s Sean Avery.