Macy’s, Inc. has reached an agreement to form a venture with TMG Partners, one of the Bay Area’s leading real estate firms, to explore the future potential of its historic Union Square property in San Francisco. The retailer said this effort is part of its ongoing strategy to evaluate compelling options for its real estate portfolio.
TMG Partners will work with Macy’s in conducting a strategic assessment of the property, to include exploring adaptive reuse and potential enhancements. CEO Michael Covarrubias of TMG told the San Francisco Business Times that no uses for the property have been ruled out, including a full conversion to housing.
The agreement with TMG follows the company’s 2024 announcement that it would close the Union Square site as one of 150 underperforming stores, and would seek a buyer. To date, a suitable buyer hasn’t been found.
While the partnership between Macy’s and TMG Partners is in the early stages, the company’s flagship store remains open. Further updates on potential plans and next steps for the Union Square site will be shared in the coming months.
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