Buyer of Macy's Identified, Hints at Plans

When it was announced earlier this month that Macy's was selling their store at Pioneer Courthouse Square, there were plenty of details. The company would make $36 million off the $54 million sale. It was one of 100 stores being sold.

What was absent was who was buying the building, which had opened in 1909 as home to Meier & Frank.

We know now the answer.

KBS, a California-based buyer of commercial real estate, will work with Chicago developer Sterling Bay to turn the Macy's part of the building into "a best-in-class, mixed-use asset encompassing street-level retail and creative office space."

The news was first reported by the Portland Business Journal.

The top 11 stories of the building were turned into what is now The Nines Hotel, as well as Departure, a bar, and Urban Farmhouse, a steakhouse.

Macy's will close by Spring 2017 and work will begin on renovating the space.

When Macy's closes, it will be the first time the building is without a department store.

Photos KBS