CHICAGO (CBS) — Macy’s is selling the top half of its flagship State Street store to a private developer that plans to convert the largely vacant space into offices.
The $30 million sale to Toronto-based Brookfield Asset Management would convert floors 8 through 14 of the building to “dynamic, creative office space,” according to a news release from Macy’s Inc.
“This transaction will enable the company to make Macy’s on State Street a more vibrant shopping destination,” Macy’s stated in its announcement.
The sale was expected to close by the end of the first half of fiscal 2018.
Macy’s also has reported very strong fourth-quarter earnings of $1.33 billion, with a profit of $4.31 per share. Adjusted for pretax gains, earnings were $2.82 per share, beating Wall Street projections for the fourth quarter.