Top floors of Macy's State Street store to be converted into office space

CHICAGO (WLS) -- There's a big sale planned at Macy's flagship State Street store, but it's not the kind that shoppers may expect.

After the last year shuttering dozens of its stores across the country, the retailer is expected to sell the top floors of the downtown store to a developer.

Macy's announced the sale in a press release Tuesday confirming the company is selling the 8th through 14th floors to a private real estate fund represented by Brookfield Asset Management.

The Brookfield, which has partnered with Macy's before, plans to convert the roughly 700,000 square feet of space possibly into "loft" office space.

Opened in 1907 in what was then Marshall Field's, the iconic Walnut Room was the first restaurant to be opened in a department store and will remain.

The deal will net Macy's $30 million.

The agreement comes as Macy's fights declining sales affected by the popularity of online shopping.

The sale may signal the first of many changes as it remains unclear what's next in store for Macy's.