The owner of Water Tower Place is walking away from the troubled Magnificent Mile mall.
In a statement Wednesday, Brookfield Properties spokesperson Lindsay Kahn said Water Tower Place “will no longer be part of Brookfield’s portfolio.”
leaving more than 300,000 square feet empty for the first time since the mall opened in 1975. The department store opened that year as Marshall Field’s; it had operated under the Macy’s name since 2006.Target was in talks to open a space in the mall last year, although those negotiations hadOther former Water Tower Place stores that have closed in recent years include
The Water Tower Place transaction reflects Brookfield’s struggles finding a tenant for the space left vacant by the Macy’s exit, said Gabriella Santaniello, founder of retail research firm A Line Partners.
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