CHICAGO — Macy’s on State Street is about to be cut in half.
The company is selling floors 8 through 14 to Brookfield Asset Management in Toronto for $30 million, the Chicago Tribune reports.
Since 2015, Macy’s has been looking at ways to redevelop underused space at the Chicago store and other flagship locations.
Brookfield also has partnered with Macy’s to redevelop as many as 50 other Macy’s properties.
The deal here in Chicago is expected to close later this year.