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 | 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.
Office Buildings | Oct 26, 2016
The power of office amenities in the workplace
With a continued focus on providing more with less, companies across all industries are continually driving their workers to increase efficiency and productivity—to get product and services to market faster and cheaper, writes LPA's Karen Thomas.
Office Buildings | Oct 26, 2016
Zaha Hadid Architects’ Dominion Office Building employs a fantastical design for its atrium
The office is located in Moscow’s southern district.
High-rise Construction | Oct 5, 2016
Plans for Hudson Yards skyscraper from Bjarke Ingels have officially been filed
The 65-story tower will be primarily office space and has an estimated development cost of $3.2 billion
Office Buildings | Sep 30, 2016
How to choose the right amenities for your office
No matter how lavish the amenities, they’ll prove ineffective in making any kind of positive impact if they don’t align to a company’s culture and the characteristics that make an organization unique, write Gensler’s Lena Kitson and Kimberly Foster.
High-rise Construction | Sep 23, 2016
A massive redevelopment in Tokyo reunites developer and architect
Mitsui Fudosan and SOM join forces to create OH-1, a mixed-use complex with a prominent public square.
Office Buildings | Sep 22, 2016
‘Floating’ triangular glass building from Foster + Partners breaks ground in Copenhagen
The glass building provides the illusion of floating above a stone plinth.
