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Chicago & Midwest  + Illinois  + Retail  | 

Brookfield, Macy’s in 700K-SF Office Conversion Deal

Toronto-based Brookfield Asset Management is cutting a deal with Macy’s involving roughly 700,000 square feet at the retailer’s flagship State Street building in Chicago. The real estate investor plans to buy and convert floors eight through 14 into office space.

The space would be accessed via a newly created lobby, and Macy’s is expected to retain ownership and operational control of the retail space on the lower half of the building.

The asset is a former Marshall Field’s building built in stages in the late 1800s and early 1900s that occupies a full block at State, Washington and Randolph streets and Wabash Avenue.

The move aligns with the Cincinnati-based department store chain’s strategy of divesting real estate holdings, and partner with developers in an effort to maximize the value of its vast portfolio. Separately, Macy’s had previously formed a partnership with Brookfield to redevelop some 50 Macy’s properties.

Eastdil Secured’s Stephen Livaditis is marketing the property for sale.

For comments, questions or concerns, please contact Dennis Kaiser

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Read more at Chicago TribuneConnect With BrookfieldConnect With Eastdil Secured’s Livaditis

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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