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
Building Team Awards | Jun 8, 2017
Raising the bar: Zurich North American Headquarters
Silver Award: Forgoing a typical center-core design, the Zurich North America Headquarters rises 11 stories across three stacked bars.
Office Buildings | Jun 8, 2017
Take a look at the plans for Google’s new 1 million-sf London campus
Heatherwick Studio and BIG are designing the 11-story building.
Building Team Awards | Jun 6, 2017
Nerves of steel: 150 North Riverside
Platinum Award: It took guts for a developer and its Building Team to take on a site others had shunned for most of a century.
Office Buildings | Jun 2, 2017
Strong brew: Heineken HQ spurs innovation through interaction [slideshow]
The open plan concept features a Heineken bar and multiple social zones.
Office Buildings | May 30, 2017
How tech companies are rethinking the high-rise workplace
Eight fresh ideas for the high-rise of the future, from NBBJ Design Partner Jonathan Ward.
| May 24, 2017
Accelerate Live! talk: Applying machine learning to building design, Daniel Davis, WeWork
Daniel Davis offers a glimpse into the world at WeWork, and how his team is rethinking workplace design with the help of machine learning tools.
High-rise Construction | May 23, 2017
Goettsch Partners to design three-building Optics Valley Center complex
The Chicago-based firm won a design competition to design the complex located in Wuhan, China.
Office Buildings | Apr 18, 2017
Heineken USA Headquarters redesign emphasizes employee interaction
An open plan with social hubs maximizes co-working and engagement.
Office Buildings | Apr 17, 2017
Vertical integration triggers growth for an L.A.-based office furniture provider
Customization and technology drive sales for Tangram Interiors.
Market Data | Apr 13, 2017
2016’s top 10 states for commercial development
Three new states creep into the top 10 while first and second place remain unchanged.