Tishman Speyer buys Macy’s DoBro digs for $170M, will build offices above store

Development giant also picks up dept. store’s Hoyt St. parking facility

New York /
Aug.August 12, 2015 09:20 AM

Tishman Speyer agreed to buy Macy’s Downtown Brooklyn property for $170 million, the developer announced today, and will redevelop the 378,000-square-foot property into offices 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 Street. Tishman Speyer will develop 10 floors of office space above the store. The developer is also buying Macy’s Hoyt Street parking facility, which has future development potential.

“As developer, owner and operator of such New York City icons as Rockefeller Center and the Chrysler Building, we are thrilled at the opportunity to partner with Macy’s for our first-ever project in Brooklyn,” Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a statement Wednesday.

Under the agreement, Macy’s will occupy about 310,000 square feet over five floors. Tishman Speyer will contribute an additional $100 million toward the renovation of the store over the next three years. Construction on both the Macy’s space and the office portion is slated to kick off in 2016 and is expected to be completed by the fall of 2018.

Tishman Speyer’s current projects include a $3.2 billion mixed-use tower in the Hudson Yards district and an 1,800-unit residential project in Long Island City.

Macy’s just signed a major lease in Long Island City, agreeing to take 150,000 square feet at the Factory Building at 30-30 47th Avenue.


Related Articles

arrow_forward_ios
Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
Jokr CEO Ralf Wenzel (LinkedIn, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Jokr cuts U.S. operations as rapid delivery party winds down
Jokr cuts U.S. operations as rapid delivery party winds down
From left: RIPCO COO Mark Kaplan and BCD CEO Andrew Moger (RIPCO Real Estate, Branded Concept Development, iStock)
RIPCO makes restaurant play with brokerage merger
RIPCO makes restaurant play with brokerage merger
Pyramid Management Group's Stephen Congel and Crossgates Commons in Albany (Pyramid Management Group)
Pyramid lands refi to keep shopping center afloat
Pyramid lands refi to keep shopping center afloat
Woodbury Common Premium Outlets in Central Valley, NY with Simon Property Group CEO David Simon (Simon Property Group)
Simon to add 160K sf, hotels to Woodbury Common
Simon to add 160K sf, hotels to Woodbury Common
143 Spring Street (Google Maps)
Soho rent discount goes poof as Pinko blames “landlord’s remorse”
Soho rent discount goes poof as Pinko blames “landlord’s remorse”
Triple Five Group's Don Ghermezian (Triple Five Group, American Dream Mall, iStock)
American Dream has 9 days to avoid default
American Dream has 9 days to avoid default
(iStock/Illustration by The Real Deal)
Leisure, hospitality, construction lead strong May job gains
Leisure, hospitality, construction lead strong May job gains
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...