General Growth Properties buys Macy’s store at Tysons
General Growth Properties, the Chicago-based owner of the Tysons Galleria mall, has bought the mall’s onsite Macy’s for $38 million. The purchase was one of five Macy’s stores that the company acquired as part of a package for $48 million in the third quarter. The sale was announced in General Growth’s third quarter earnings statement.
According to the Washington Business Journal, General Growth purchased the 2.6-acre site so it can move forward with the redevelopment of the Galleria. The company plans a major repositioning of the mall at a time when Tysons is undergoing many changes, with several new residential and office buildings under construction.
The Macy’s building, according to the WBJ, is 260,000 square feet, or more than 30 percent of the total mall. General Growth has not made clear exactly what its plans are for the site.
The Galleria originally opened in 1988 and has been a luxury shopping destination for the greater Washington D.C. area since that time.