Top Floors Of Macy's State Street To Become Office Space

CHICAGO, IL — Macy's has announced it's selling part of its State Street store in the Loop to a developer. The company is selling floors 8 through 14 to a private real estate fund, Macy's announced in a press release Tuesday. The fund is sponsored by Brookfield Asset Management.

Macy's will receive $27 million for the floors, in addition to $3 million for upgrades. Brookfield plans to use the floors for office space.

Macy's said the floors weren't getting a lot of traction and that the sale will improve the location. The company expects the deal to close in the first half of the 2018 fiscal year.

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