Macy’s has sold its downtown Pittsburgh location at 400 Fifth Avenue to Core Realty for an undisclosed sum.
The Philadelphia-based realty company will use the 1.2 million-square-foot, 13-floor building for a mixed-use, re-development project. The building also includes arcade floors, a basement and sub-basement.
Macy’s will hold a final clearance sale in the Pittsburgh location from Monday, July 20, until early September. Approximately 30 Macy’s associates who work in various district offices on the 11th floor of the downtown Pittsburgh building will be relocated to another Macy’s store in the area.
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“For the past four years, Macy’s has been investigating the best possible use for this property, especially given the large amount of unproductive and unused space on the upper floors,” said Jeff Kantor, Chief Stores Officer at Macy’s. “We have talked with a wide variety of partners in pursuit of a plan that would create the most value for our company and the community.”
In late 2014, Macy’s began working with Core Realty, “which had an exciting vision for residential, hotel and parking on the upper floors and annex building,” Kantor added. “More recently, we decided to make the entire building available to Core so it could evolve its plans into a more holistic project.”
