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
| Feb 12, 2013
OMA's 'perimeter core' design wins competition for Essence Financial Building in Shenzhen
OMA partners David Gianotten and Rem Koolhaas rethink traditional office tower design with a plan that shifts the building's core to the edge for large, unobstructed plans.
| Feb 8, 2013
5 factors to consider when designing a shade system
Designing a shade system is more complex than picking out basic white venetian blinds. Here are five elements to consider when designing an interior shade system.
| Feb 6, 2013
RSMeans cost comparisons: office buildings and medical offices
RSMeans' February 2013 Cost Comparison Report breaks down the average construction costs per square foot for four types of office buildings across 25 metro markets.
| Feb 1, 2013
Delinquency rate for U.S. commercial real estate loans hits 11-month low
The delinquency rate for U.S. commercial real estate loans in CMBS fell 14 basis points in January to 9.57%. This is the lowest level in 11 months, according to Trepp, LLC's latest U.S. CMBS Delinquency Report.
| Jan 31, 2013
The Opus Group completes construction of corporate HQ for Church & Dwight Co.
The Opus Group announced today the completion of construction on a new 250,000-square-foot corporate headquarter campus for Church & Dwight Co., Inc., in Ewing Township, near Princeton, N.J.
| Jan 31, 2013
More cities requiring large buildings to use EPA’s energy management and reporting
In 2012, Philadelphia joined several other U.S. cities in passing a requirement that large buildings use Portfolio Manager, the Environmental Protection Agency’s energy management tool, to measure and report energy performance.
| Jan 29, 2013
Astellas' New Headquarters for the Americas Earns LEED Gold Certification
The new headquarters for Astellas in the Americas in Northbrook, Ill., has been awarded LEED Gold certification by the USGBC.
| Jan 16, 2013
SOM’s innovative Zhengzhou Greenland Plaza opens
The 2.59-million-square-feet building houses a mixed-use program of offices on its lower floors and a 416-room hotel.
| Dec 9, 2012
The owner’s perspective: high-rise buildings
Douglas Durst on the practicalities of development: “You must think about a building from the inside out.”
