Macy’s Inc. Sells Its Downtown Minneapolis Store
601W Cos. acquired the building for $59 million and plans to redevelop it into a mixed-use property.
By Adina Marcut
Macy’s at 700 Nicollet Mall
Minneapolis—Macy’s Inc. announced the sale of its property at 700 Nicollet Mall, in downtown Minneapolis. The asset was acquired by 601W Cos. for $59 million. The company plans to redevelop the historic building into a mixed-use property.
Macy’s workforce includes 90 associates working in various district offices on the upper floors of the downtown Minneapolis building who will be relocated in other Macy’s stores in the Twin Cities area. The current Nicollet Mall store workforce includes 280 employees. Associates displaced by the closing, planned for this spring, may be offered positions in nearby stores or severance benefits.
“As a part of our overall real estate strategy, Macy’s has been investigating the best possible use for this property, especially given the large amount of unproductive and unused space on the upper floors. We have talked with a wide variety of partners in pursuit of a plan that would create the most value for the company and the community, and are pleased that the new owner intends to invest substantial capital to repurpose the building,” Jeff Kantor, Macy’s chief stores officer, said in a prepared statement.
The original location opened in 1902 as a Dayton’s store, which was renamed as Marshall Field’s in 2001 only for the nameplate to change to Macy’s five years later.
Image via Google Maps
You must be logged in to post a comment.