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CINCINNATI–(BUSINESS WIRE)–Oct. 9, 2015– Macy’s, Inc. (NYSE:M) announced in October that it has sold the top four floors (levels five through eight) of space in its downtown Seattle store, located at 300 Pine Street, to a controlled affiliate of Starwood Capital Group to be converted to office use.
The Macy’s store will remain open and operating, with space reconfigured by fall 2016 to accommodate all existing merchandise categories in a more efficient manner.
Their sales floor will be reduced from 363,000 square feet on seven floors (the lower level plus floors one through six) to 283,000 square feet on five floors (the lower level plus floors one through four).
According to the press memo, the purchase price for the four floors, totaling more than 300,000 square feet, was $65 million in cash.
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