Macy’s is selling two more floors of the downtown building where its retail space had already shrunk to four floors, from the original eight.
Macy’s is selling two more floors of its downtown Seattle building, at a time when the beleagured department store has been closing stores and selling property.
The Cincinnati-based company said in its first quarter earnings release last month it is “under contract to sell two additional floors of its Downtown Seattle store after having sold floors five through eight in 2015. This transaction is expected to close in fall 2017.”
The top four floors of the 8-story building were sold for $65 million in 2015 to Greenwich, Conn.-based Starwood Capital Group, which is converting the floors into office space. The two additional floors are also being purchased by Starwood, according to the Puget Sound Business Journal, which cited two commercial real estate sources with knowledge of the deal.
Neither Macy’s nor Starwood could be reached for comment.
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That, presumably, would leave Macy’s with just two floors for its retail operations, which were downsized from 363,000 square feet to 283,000 square feet after the sale of the top four floors.
Macy’s plans to close 100 stores nationwide this year. It’s also been selling property: Its downtown Minneapolis store sold for $59 million and the company has put the top half of its flagship Chicago store building up for sale.