Tishman Speyer partners up with Macy’s for $270m development project
Macy’s has sold its downtown Brooklyn property to Tishman Speyer for $170 million, and the real estate firm will invest $100 million in redeveloping the 378,000-square-foot property into office space as well as a smaller retail space for the department store.
Macy’s will continue to own and operate the first four floors of the property, located at 422 Fulton St. Tishman Speyer will develop 10 floors of office space above the store. The developer is also buying Macy’s Hoyt Street parking facility.
“Brooklyn has emerged as one of the most dynamic, diverse and vibrant communities in America. This is a place we know well and have served with a highly successful downtown store on Fulton Street since 1865. In recent years, it has become clear that our Fulton Street store requires major improvements in order to serve the Brooklyn of today, as well as future generations of customers,” said Terry Lundgren, Macy’s, Inc. chairman and C