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05/01/2017

Macy’s selling Chicago flagship — but not all of it

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Macy’s has put part of its iconic State Street store in Chicago’s Loop district on the selling block.



The top half of the building, floors eight through 14, is on the market, the Chicago Tribune reported. Altogether, the space for sale takes in some 650,000 sq. ft., the report said Macy's plans to continue owning the lower floors, which include retail space.



"Macy's is continuing to execute on our real estate strategy that is focused on creating value through monetization and, in some cases, redevelopment of our assets," Macy's spokeswoman Andrea Schwartz confirmed in an email to the Tribune. "We are still working on a plan for a downsized Macy's State Street store, which we expect will result in a more vibrant and productive store."



Macy’s acquired the building in 2005, when it bought Marshall Field’s.



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