By Nicole Norfleet

Minneapolis Star Tribune

The Macy’s store in downtown Minneapolis has been sold for $59 million in cash to a New York real estate investment firm.

Macy’s Inc. announced Wednesday morning it had finalized the sale to 601W Cos. The longtime department store location on Nicollet Mall will be redeveloped into office and retail space after it closes later this month.

“As a part of our overall real estate strategy, Macy’s has been investigating the best possible use for this property, especially given the large amount of unproductive and unused space on the upper floors,” said Jeff Kantor, Macy’s chief stores officer, in a statement. “We have talked with a wide variety of partners in pursuit of a plan that would create the most value for the company and the community, and are pleased that the new owner intends to invest substantial capital to repurpose the building.”

601W Cos. has not provided details about its plans for the renovations.