Iconic Macy's Building Will Get $180M Facelift
GPI Cos. has landed $120M in construction financing from ACORE Capital to fund the redevelopment of a former Macy’s Department store in West Los Angeles.
In total, GPI is spending $180M to redevelop the Macy's.
The 230K SF mixed-use office and retail project, dubbed the West End, will be a three-story office building with a glass facade.
It features a three-level central courtyard, indoor and outdoor lobby space, private balconies, a 1,500 parking spot structure and 12K to 15K SF of ground-floor retail and restaurant space. Construction has already begun.
GPI’s new creative office campus will complement the adjacent Westside Pavilion project.
A JV of Hudson Pacific Properties and Macerich is in the early process of transforming the 584K SF Westside Pavilion mall into Google’s creative offices.
“This financing package is the first major step in delivering West End as an unparalleled office campus for modern companies,” GPI Managing Partner Lee Wagman said in a statement.
GPI acquired the former Macy’s and an adjacent parking garage in a $50M deal in 2017.
The West End is projected to be complete in early 2021.
