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NEW YORK, United States — Macy's Inc. is seeking to sell stakes in its flagship stores, including its landmark building on Manhattan's West 34th Street, one of New York's top tourist attractions.
The largest U.S. department-store company said it has hired Eastdil Secured LLC, a real estate investment bank, to “approach potential interested parties” about forming partnerships or joint ventures for the Manhattan locale as well as downtown stores in San Francisco, Chicago and Minneapolis, plus its mall- based properties. Tishman Speyer has expressed interest in taking stakes in the four flagship stores, Macy’s said in a statement.
Credit Suisse Group AG and Goldman Sachs Group Inc. will assist Eastdil in advising the company on the potential partial-interest sales, Macy’s said.
By David M. Levitt, Lindsey Rupp; editors: Daniel Taub, Christine Maurus, Josh Friedman.
