Macy's to sell stakes in flagship store buildings
Department store giant under pressure from investor to extract value from property as retail sales wane
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New York
MACY's Inc is seeking to sell stakes in its flagship stores, including its landmark building on West 34th Street in Manhattan's Herald Square, one of New York's top tourist attractions.
The largest US department-store company said it 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 Wednesday.
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