A downsizing Macy’s is looking to sell off half the floors in their iconic State Street building in Chicago’s Loop.
Macy's has struck a deal to sell the top half of its iconic State Street building in Chicago’s Loop, according to a report.
The Chicago Tribune reported Tuesday that the flagship store signed an agreement to sell floors 8 through 14 to Toronto-based Brookfield Asset Management.
Macy's will pocket $30 million from the sale, according to the Tribune. Reports of the retailer's plans to sell began circulating in early 2017, with rumors that the company may even move amid a planned downsize of store presence company-wide.
Questions emerged on the future of the iconic Walnut Room, located on the seventh floor of the flagship building at 111 N. State St.
The company quickly assured fans that the restaurant was not going anywhere.
“Of course, the Walnut Room will remain as it is a cherished tradition,” spokeswoman Andrea Schwartz said in a statement in April. It was the first restaurant ever opened in a department store when what was then Chicago-based Marshall Field's opened its doors in 1907.
