There's probably some enterprising developer who could do wonders with the Macy's property at Third & Pine in downtown Seattle. Well, Macy's isn't going anywhere (least not yet), but they did make the top four floors in their landmark "The Bon" building available and they've now been sold for $65M. The buyer is an "affiliate" of investment firm Starwood Capital Group which will convert it into office space. Macy's will continue their retail business on the lower four levels plus lower level, which totals 283,000 square feet. New express elevators and shared lobby space and doors at the sixth-floor skybridge entrance will be added and two 11-foot-tall glass "clerestory penthouses" will be added to the seventh and eight floors. Macy's 265 employees are expected to all keep their jobs, though some may be reassigned.
· Macy's sells top 4 floors of downtown Seattle store [ST]
· Macy's sells top floors of downtown Seattle store in $65M deal [PSBJ]
Image: Joe Mabel