ATLANTA—Taconic Investment Partners and Benenson Capital Co. of New York are paying Cincinnati-based Federated Department Stores an estimated $40 million or $66.66 psf for the 73-year-old, 600,000-sf downtown Macy’s department store building.

In a 20-year lease with extension options, Federated is taking three floors—the Cellar, first floor and mezzanine—for a more compact Macy’s department store. The store previously had merchandise on four floors.

The new owners plan to convert the top five floors of the six-story building to high-tech office and telecom switching space. The 360,000 sf of floors two through five in the newly renamed AtlantaXchange is expected to house 500 to 800 employees.

In addition to being in the center of the downtown business district and close to a MARTA rail station, the building is also near fiber-optic trunk lines, a draw for telecom firms.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.