MINNEAPOLIS (WCCO) — The iconic Macy’s building in downtown Minneapolis has sold for $59 million in cash.
The company announced Wednesday that the Nicollet Mall landmark department store was sold to 601W Companies, a New York-based real estate business.
According to Macy’s chief store officer, Jeff Kantor, 601W Companies plans to redevelop the building on 700 Nicollet Mall to have creative office space on the currently unused upper floors and retail spaces on the skyway and street levels.
“We believe this will be an outstanding addition to the downtown Minneapolis community in the heart of the city,” Kantor said.
As for the flagship Minnesota Macy’s location, the downtown store is expected to close in late March. Currently, there is an on-going clearance sale.
The 280 workers displaced by the downtown store’s closing might be offered positions in nearby stores, Macy’s says. If work is not available, eligible full-time and part-time employees will be offered severance benefits.
As for the 90 Macy’s employees who work on the store’s upper floors, they will be relocated to other Macy’s stores in the Twin Cities, the company says.
Going forward, Macy’s says it will have 1,500 employees remaining in the metro area.
The Nicollet Mall Macy’s store originally opened as a Dayton’s in 1902. The building was expanded several times over the decades and was renamed to Marshall Field’s in 2001. In 2006, it became a Macy’s.
In January, the company announced the closing of the downtown Minneapolis department store as part of a national reorganization plan that included the shuttering of 67 other locations.