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

TRD 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
Simon Property Group’s David Simon and Gap CEO Sonia Syngal (Getty, Wikipedia, iStock)

Simon strikes back at the Gap with $107M lawsuit

Simon strikes back at the Gap with $107M lawsuit
82-10 Baxter Avenue and 3111 Heath Avenue (Google Maps)

Queens retail sale tops mid-market deals of the week

Queens retail sale tops mid-market deals of the week
Mayor Bill de Blasio (Background by Jamie McCarthy/Getty Images; de Blasio by Lev Radin/Pacific Press/LightRocket via Getty Images)

Outdoor dining may continue into winter

Outdoor dining may continue into winter
B. Riley Real Estate president Michael Jerbich and  J.C. Penney CEO Jill Soltau (Getty, Linkedin, J.C. Penney)

J.C. Penney taps Cushman, B. Riley to sell 163 locations

J.C. Penney taps Cushman, B. Riley to sell 163 locations
Brookfield Property Partners CEO Brian Kingston and Burlington Mayor Miro Weinberger (Brookfield; Weinberger by Vermont National Guard)

Brookfield’s nixed mall redevelopment may signal strategy shift

Brookfield’s nixed mall redevelopment may signal strategy shift
The closures will primarily affect low-volume sales locations (Photo by Alexi Rosenfeld/Getty Images)

Dunkin’ to shutter 800 US locations

Dunkin’ to shutter 800 US locations
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate
Lord & Taylor and Men’s Wearhouse are just the latest big retail chains to file for bankruptcy (Lord and Taylor by Bruce Bennett/Getty Images; Men's Warehouse by Scott Olson/Getty Images)

Lord & Taylor, Men’s Wearhouse file for bankruptcy

Lord & Taylor, Men’s Wearhouse file for bankruptcy
arrow_forward_ios

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

Loading...