Macy's said it will sell the top half of its State Street flagship store in Chicago for $30 million, and the buyer plans to convert the space into offices. The announcement confirms a Tribune report in October that Macy's had struck a preliminary deal to sell floors 8 through 14 to Toronto-based Brookfield Asset Management. Of the $30 million Macy's will receive, $3 million will be dedicated to improvements. The retailer said it also stands to benefit financially from the conversion of the upper floors to offices.

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