Macy’s Selling Top Half Of State Street Store For $30 Million

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.

Macy’s on State Street. (Photo By Raymond Boyd/Michael Ochs Archives/Getty Images)

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.

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