Department store giant, developer may collaborate again after Downtown Brooklyn deal
November 12, 2015 03:45PM
Macys in Herald Square and Rob SpeyerWhile ruling out a real estate investment trustspinoff of its real estate assets, department store giant Macys tapped Tishman Speyer to help formulate a real estate strategy that could include store redevelopment projects nationwide.
Macys real estate portfolio is valued in the billions, and the company had weighed the possibility of spinning off those assets into a real estate investment trust.
But the department store chain concluded that a potential REIT strategy doesnt offer enough upside for value creation, according to CoStar though it may revisit this alternative in the future, it said in its third quarter earnings report.
As part of the new relationship, Macys may ask Tishman Speyer to bid on some of its redevelopment projects, it said. The developer is already helping the retailer at its Downtown Brooklyn location at http://simsurbanoasis-by-guocoland.com/fun-activities-at-singapore-sport-hub/ href="http://www.luxuryrealestate.com/[/img]http://www.luxuryrealestate.com/ 422 Fulton Street which Tishman Speyer acquired for $170 million earlier this year and plans to redevelop into offices and a smaller retail space for Macys.
Macys also said it has already begun a process to explore joint ventures and other deal structures to redevelop real estate assets, including its massive Herald Square location. The company saidit will also continue to pursue possible asset https://en.wikipedia.org/wiki/Real_Estate_%28band%29 sales of properties. [CoStar] Rey Mashayekhi
