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Now Macy’s May Want to Sell Medinah Temple
Macy’s has hired CBRE to help it determine whether the department store giant should sell Medinah Temple. The building at 600 N. Wabash Ave. currently houses a Bloomingdale’s home furnishings store.
The news comes just as Macy’s completed the long-awaited sale of the top floors of its flagship State Street store to Brookfield Asset Management.
Medinah Temple, an example of Moorish Revival architecture, had been the home of a Shriner’s temple. It was to be razed before Bloomingdale’s moved into the 130,000-square-foot space in 2003. The entire block was renovated by Friedman Properties, which owns the land beneath the building. Federated Department Stores, which owned Bloomingdale’s before Macy’s, signed a 25-year ground lease, which includes six 10-year extensions.
The structure sits within a tax increment financing district, created as part of the redevelopment agreement signed in 2001. It expires in June 2023.
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- ◦Sale/Acquisition
