Macy’s Inc. sold the top four floors of its downtown Seattle store to Starwood Capital Group for $65 million in cash, in a statement. The space totals more than 300,000 square feet. The remaining floors will continue to operate with a redesign by fall 2016 to accommodate store merchandise. The company plans to keep the 265 store associates that work at this location. “This transaction is an example of the company’s ongoing efforts to enhance shareholder value by identifying and pursuing strategic real estate dispositions while maintaining the flexibility we require to run a successful business,” said Terry Lundgren, Macy’s chief executive. In August, Macy’s sold the top floors of its downtown Brooklyn store to Tishman Speyer for $170 million. At that time, Lundgren said the company was considering similiar deals. Macy’s stock is down 21.7% for the past three months. The S&P is down 1.7% for the same period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News