Macy’s and Tishman Speyer announced today that the two companies will partner on an expansion of Macy’s Fulton Street store in Downtown Brooklyn, adding 10 floors of office space to enrich a key retail space in one of Brooklyn’s fastest-growing neighborhoods.
“As developer, owner and operator of such New York City icons as Rockefeller Center and the Chrysler Building, we are thrilled at the opportunity to partner with Macy’s for our first-ever project in Brooklyn,” said Tishman Speyer Co-CEOs Jerry Speyer and Rob Speyer said in a statement. “We believe this partnership will produce a transformative mixed-use development in one of the nation’s foremost destinations for today’s creative workers and new economy companies.”
Under the plan, the store’s interior will be completely revamped and supplemented office space featuring high 16-foot ceilings and a variety of outdoor spaces. In addition, Tishman Speyer will take over a Macy’s parking garage on Hoyt Street, with the potential for more development on the site.
The remodeled store at 422 Fulton Street will be the flagship of a new fashion hub, serving shoppers from Dumbo all the way to Manhattan Beach. The newly remodeled store will have higher windows to let in more natural light and better match the industrial spaces in the area’s immediate surroundings. Each floor, in turn, will be expanded to allow for new brands, enhancing the overall customer experience. Construction will begin in 2016 and is expected to be complete by the fall of 2018.