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
| Feb 25, 2014
NYC's Hudson Spire would be nation's tallest tower if built
Design architect MJM + A has released an updated design scheme for the planned 1,800-foot-tall, superthin skyscraper.
| Feb 20, 2014
5 myths about cross laminated timber
A CLT expert clears up several common misconceptions and myths surrounding the use of wood as a building material.
Sponsored | | Feb 20, 2014
Chicago’s historic Wrigley Building renovated to attract tech companies
Purchased in 2011 by a consortium of investors led by BDT Capital Partners, the building’s new owners have recently renovated and reimagined the next life for this architectural landmark—as a hub for tech firms.
| Feb 20, 2014
World's longest desk? Massive, undulating desk accommodates 145 office workers [video]
The desk is built from plywood and one continuous sheet of resin, and can serve all 145 office employees at once.
| Feb 19, 2014
It's a world record! Largest uninterrupted concrete pour kicks off Wilshire Grand project
Guinness World Records verifies the concrete pour as the largest ever
| Feb 17, 2014
Developer plans to 'crowdfund' extended stay hotel in Manhattan
Want to own a piece of Manhattan hotel real estate? Developer Rodrigo Nino is inviting individual investors to put up $100,000 each for his latest project, 17 John.
| Feb 14, 2014
Crowdsourced Placemaking: How people will help shape architecture
The rise of mobile devices and social media, coupled with the use of advanced survey tools and interactive mapping apps, has created a powerful conduit through which Building Teams can capture real-time data on the public. For the first time, the masses can have a real say in how the built environment around them is formed—that is, if Building Teams are willing to listen.
| Feb 13, 2014
Related Companies, LargaVista partner to develop mixed-use tower in SoHo
The site is located at the gateway to the booming SoHo retail market, where Class A office space is scarce yet highly in demand.
| Feb 12, 2014
First Look: Futuristic Silicon Valley campus designed to draw tech startups
The curved campus will consist of four different buildings, one exclusively for amenities like a coffee bar, bike shop, and bank.
| Feb 7, 2014
Zaha Hadid's 'white crystal' petroleum research center taking shape in the desert [slideshow]
Like a crystalline form still in the state of expansion, the King Abdullah Petroleum Studies and Research Center will rise from the desert in dramatic fashion, with a network of bright-white, six-sided cells combining to form an angular, shell-like façade.
