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The top seven floors of Macy’s State Street store will be converted to office space

Office Buildings

The top seven floors of Macy’s State Street store will be converted to office space

The deal is worth $30 million.


By David Malone, Associate Editor | March 1, 2018
Macy's State Street store in Chicago

Photo: Ken Lund, Creative Commons

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.

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