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 | Feb 2, 2017
3 tips for designing workplaces that support culture, brand, and community
An authentic culture cannot be forced, but can be encouraged and supported.
Office Buildings | Dec 14, 2016
The importance of 'Place' in the workplace
More, and more, companies are emphasizing the importance of creating a meaningful sense of place in the office environment for all of their employees, writes Gensler's Kevin Rosenstein.
High-rise Construction | Dec 13, 2016
The tallest building in Manhattan’s Meatpacking district tops out
The office, designed by CetraRuddy, will be completed in 2017.
| Dec 6, 2016
Workplace pilots: Test. Learn. Build
Differentiated from mock-ups or beta sites, workplace pilots are small scale built work environments, where an organization’s employees permanently reside and work on a daily basis.
Office Buildings | Dec 6, 2016
eBay’s San Jose headquarters has a new interactive hub and welcome center named Main Street
The campus’s new ‘front door’ is designed to immerse visitors and employees into the company’s global commerce.
Office Buildings | Nov 16, 2016
Bjarke Ingels Group and Heatherwick Studios confirmed as architects for Google’s new London Headquarters
The headquarters will be located at Kings Cross, London.
Office Buildings | Nov 15, 2016
Under Armour unveils phase one of 50-acre Baltimore headquarters
The campus will be located in Baltimore’s $5.5 billion Port Covington redevelopment project.
Office Buildings | Nov 14, 2016
Media’s adaptive shift: Converged environments
The converged environment is a live-streaming workplace, a zone where news and content flow continuously and speed to market is everything.
High-rise Construction | Nov 3, 2016
Two identical Kohn Pederson Fox office towers may be headed to Wacker Drive
Murphy Development Group is looking for tenants for the $800 million project.
Office Buildings | Nov 2, 2016
The first completed office building from Bjarke Ingels Group features a double-curved façade and giant periscope
The building also marks the first BIG project in Philadelphia.