CINCINNATI—Macy's Inc. has stepped up itspreviously announced real estate initiatives, announcing Wednesdaythat it had hired Eastdil Secured to marketpartnerships or joint ventures on its mall properties as well asflagship urban locations, including the iconic Herald Square store.The retailer also announced 40 store closings, including four thathave already occurred, along with a revamp of its operations.

Eastdil, which will be assisted by CreditSuisse and Goldman Sachs, joins "a teamof experienced advisors in banking, real estate, law and tax whoare focused on monetizing real estate assets in a manner consistentwith Macy's overall strategy," Macy's said Wednesday afternoon.Already part of that team is Tishman Speyer, whichMacy's announced this past November as an advisor on potentialstore redevelopment projects.

The New York City-based owner/developer has expressed interestin pursuing partnerships on the four flagship locations—StateStreet in Chicago, Union Square in San Francisco and Nicollet Mallin Minneapolis as well as the Herald Square store—and won't beadvising Macy's on those properties. However, Tishman Speyer willcontinue to advise Macy's on potential opportunities for maximizingthe value of other real estate in its portfolio.