Macy’s has sold its downtown Pittsburgh building at 400 Fifth Avenue to Philadelphia-based Core Realty, which is planning a mixed-use redevelopment for the historic building. Macy’s will end its operation in that location, the retailer stated.
A final clearance sale at the store will kick off July 20, Macy’s said, and the event is expected to run until early September.
The Macy’s building and annex in Pittsburgh includes about 1.2 million square feet of space on 13 floors, partial street-level and arcade floors, a basement and sub-basement. Macy’s uses about 475,000 square feet for selling space. Macy’s changed the store banner from Kaufmann’s to its own in September 2006.
“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, Macy’s chief stores officer. “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, we began working with Core Realty, which had an exciting vision for residential, hotel and parking on the upper floors and annex building. More recently, we decided to make the entire building available to Core so it could evolve its plans into a more holistic project. We believe this will be an outstanding addition to the downtown Pittsburgh community in an important location in the heart of the city.”
He added that Macy’s and the Kaufmann operation it took over had served the downtown Pittsburgh community at the 400 Fifth Avenue location since 1887, “and we deeply appreciate the relationship we have built with generations of Pittsburghers, including our customers, associates, community leaders and elected officials. While we will not operate a downtown store going forward, Macy’s remains committed to our customers and associates at 13 other local stores in southwestern Pennsylvania as well as on macys.com.”