Transactions - AUGUST 13, 2015

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Tishman Speyer partners up with Macy’s for $270m development project

by Andrea Waitrovich

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy