Brookfield Asset Management starts work on $100 million Macy’s flagship store building redevelopment

macy's flagship chicago
A look up from the Google Street View image of the rear of the Macy's flagship store downtown.

Chicago has issued a $70 million building permit for an address that is the back door of Macy’s downtown store.

The work at 24 E. Washington St. follows Macy’s sale last year of the top half of its State Street flagship store for $30 million to Toronto-based Brookfield Asset Management, which plans to convert the space to offices. This would indicate the overall project has a cost of at least approximately $100 million.

“We believe by creating a great office space above the store, combined with investments in the store, we can make this space a more vibrant shopping environment,” The Chicago Tribune  reported Macy’s Chief Operating Officer Karen Hoguet as saying, noting that 10 per cent of the $30 million purchase price “will be dedicated to improvements.”

The permit document says the work includes “interior and exterior alterations to existing retail store to create white box space for future tenants on (floors) 8 to 14, egress stair extensions, structural demo, structural floor infill, new roofing and utility connections as per plans.”

Clayco Inc. is the general contractor. Key subtrades include: ElectricalSharlen Electric Company; masonryPepper Construction Co.; plumbingGreat Lakes Plumbing; refrigeration and mechanicalAtomatic Mechanical. Kapil Khanna, chief operating officer at BatesForum, is listed as the architect of record.


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