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
Wood | Feb 5, 2018
The largest timber office building in the U.S. will anchor Newark, N.J. mixed-use development
Michael Green Architecture is designing the building.
Green | Jan 30, 2018
Welcome to the Jungle: Amazon’s Spheres have opened to employees and the public
The Spheres provide the most unique aspect of Amazon’s downtown Seattle headquarters.
Reconstruction & Renovation | Jan 23, 2018
New co-working space will focus on serving local, African-American youth in Miami
The new space has been dubbed ‘Tribe.’
Office Buildings | Jan 18, 2018
At the ready: spec suites make hard-to-rent office space more attractive
Filling a need for startups looking for quick move-ins.
Office Buildings | Jan 18, 2018
*UPDATED* Amazon narrows list of possible HQ2 locations down to 20 cities
The company expects to invest over $5 billion in construction and grow HQ2 to include as many as 50,000 jobs.
Office Buildings | Jan 3, 2018
Activating the workplace
Here's how active work stations impact how you think, perform, and feel.
Office Buildings | Dec 19, 2017
How do we measure human performance, and what does it mean for the workplace?
There are many new tools and methods that are beginning to look more comprehensively to evaluate organizational well-being.
Office Buildings | Dec 15, 2017
How environmental graphics can inspire culture and creativity in the workplace
Once you secure outstanding talent, how do you keep the creative juices flowing and help employees feel more connected to their company’s culture?
Office Buildings | Dec 14, 2017
San Francisco’s first WELL v1 Certified project has been completed
The space emphasizes WELL’s vital concepts of air, water, nourishment, light, fitness, comfort, and mind within the workplace.
Mixed-Use | Dec 12, 2017
A new live/work neighborhood is about to get under way in Omaha, Neb.
Walkability and recreation will be key features of West Farm.
