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
| Jun 30, 2014
Work starts on Jean Nouvel-designed European Patent Office in the Netherlands [slideshow]
With around 80,000 sm and a budget of €205 million self-financed by the EPO, the complex will be one of the biggest office construction sites ever in the Netherlands.
| Jun 25, 2014
The best tall buildings of 2014
Four high-rise buildings from multiple continents have been selected as the best of their region. The best worldwide tall building will be announced November 6.
| Jun 25, 2014
AIA Foundation launches Regional Resilient Design Studio
The Studio is the first to be launched as part of the AIA Foundation’s National Resilience Program, which plans to open a total of five Regional Resilience Design Studios nationwide in collaboration with Architecture for Humanity, and Public Architecture.
| Jun 24, 2014
From Babylon to Sydney: The evolution of the modern workspace [infographic]
This infographic, made by Sunica de Klerk and originally posted by ArchDaily, shows the evolution of the office from 2400 B.C. to the present day.
| Jun 24, 2014
Intuit begins work on LEED Platinum campus addition
Demolition will begin this week as a precursor to construction of Intuit's new addition to its Mountain View, Calif., campus. The first of two additions, a 185,000-sf building on Marine Way, is expected to begin construction in August.
| Jun 20, 2014
Sterling Bay pulled on board for Chicago Old Main Post Office project
Sterling Bay Cos. and Bill Davies' International Property Developers North America partner up for a $500 million restoration of Chicago's Old Main Post Office
| Jun 19, 2014
First look: JDS Architects' roller-coaster-like design for Istanbul waterfront development
The development's wavy and groovy design promises unobstructed views of the Marmara Sea for every unit.
| Jun 18, 2014
Study shows walkable urbanism has positive economic impact
Walkable communities have a higher GDP, greater wealth, and higher percentages of college grads, according to a new study by George Washington University.
| Jun 18, 2014
Arup uses 3D printing to fabricate one-of-a-kind structural steel components
The firm's research shows that 3D printing has the potential to reduce costs, cut waste, and slash the carbon footprint of the construction sector.
| Jun 17, 2014
World's tallest pair of towers to serve as 'environmental catalyst' for China
The Phoenix Towers are expected to reach 1 km, the same height as Adrian Smith and Gordon Gill's Kingdom Tower, but would set a record for multiple towers in one development.
