STORE SPACES

Macy’s reportedly considers topping its NYC flagship with 800-ft. office tower

BY CSA Staff

Macy’s may be looking to unlock more value from its valuable real estate portfolio.

The retailer has held preliminary discussions with New York City officials about building a skyscraper on top of flagship in Manhattan’s Herald Square, Bloomberg reported.

The 1.2 million-sq.-ft. office tower would sit atop the older part of the property and have an entrance on 35th Street, the report said, and be used by other tenants. The Herald Square building’s value was estimated at $3 billion to $4 billion in 2015, according to the Wall Street Journal.

Earlier this year, Macy’s CEO said the company has been evaluating other uses for some of its flagship locations, including the one in Herald Square.

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