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 | Jul 17, 2018
Transwestern report: Office buildings near transit earn 65% higher lease rates
Analysis of 15 major metros shows the average rent in central business districts was $43.48/sf for transit-accessible buildings versus $26.01/sf for car-dependent buildings.
Office Buildings | Jun 18, 2018
Cube-shaped AmorePacific headquarters building completes construction in Seoul
The David Chipperfield Architects-designed project began in 2010.
Office Buildings | Jun 15, 2018
Portland’s newest office buildings put nature on center stage
Hacker Architects designed the space for Portland’s Frontside District.
Sustainability | Jun 13, 2018
Largest Passive House office building in the U.S. will be built in Chicago’s West Loop
Solomon Cordwell Buenz is designing the building.
Office Buildings | Jun 11, 2018
Online travel company moves to the 66th floor of the Empire State Building
The new headquarters includes almost 20,000 sf of additional space.
Office Buildings | Jun 6, 2018
Final Cut: Jupiter Entertainment’s new production studio in New York combines office and editing spaces
The project team completed this full-floor renovation in four months.
Office Buildings | May 31, 2018
EarthCam Headquarters features a 25-foot-tall video portal entrance
Watch a time-lapse of the HQ being built from groundbreaking to grand opening.
| May 30, 2018
Accelerate Live! talk: T3 mass timber office buildings
In this 15-minute talk at BD+C’s Accelerate Live! conference (May 10, 2018, Chicago), architect and mass timber design expert Steve Cavanaugh tells the story behind the nation’s newest—and largest—mass timber building: T3 in Minneapolis.
| May 24, 2018
Accelerate Live! talk: Security and the built environment: Insights from an embassy designer
In this 15-minute talk at BD+C’s Accelerate Live! conference (May 10, 2018, Chicago), embassy designer Tom Jacobs explores ways that provide the needed protection while keeping intact the representational and inspirational qualities of a design.
Office Buildings | May 22, 2018
AAA headquarters embodies a road trip atmosphere
HGA designed the space.
