Macy’s Selling Another Union Square Building
Macy’s plans to sell its 240K SF building in San Francisco’s Union Square at Stockton and Geary streets. The I. Magnin building is separate from the Union Square Macy's flagship store, which will remain the largest department store in the Bay Area with 700K SF.
Over the last few years, Macy's has been closing stores and selling assets as sales have declined. In 2016, Macy’s sold its 263K SF Men’s Store for $250M to Blatteis & Schnur and Morgan Stanley Real Estate Investing, which have been working on a mixed-use redevelopment. Macy's will close two Bay Area stores in March, including its Macy's in Stonestown Galleria, which has already been sold to mall owner GGP.
I. Magnin, a former upscale retailer, became a part of Macy’s in the 1980s and Macy’s combined the buildings with Macy’s West flagship store in 1999. The department store company plans to separate these two buildings, Macy’s Chief Financial Officer Karen Hoguet said during a call with investors.
Hoguet said she expects to complete the transaction during the year, but several details still need to be worked out.