Macy's statement on today's sale of downtown's Railway Exchange Building:
"We are pleased that Macy's, Inc. has completed the sale of the Railway Exchange Building in downtown St. Louis to RNY-LLC, a local developer. Macy's is planning to maintain its downtown store and various offices in that building under a lease agreement with the new owner. As part of the terms of that agreement, and to better serve our downtown customer and their needs, Macy's plans to reduce the size of its downtown store to three floors (from the current seven floors) in a remodel project that is expected to begin early in 2011. "Now that the sale is completed, we will begin planning for the downtown store space re-allocation and remodel project. More specific detail will not be available until the planning process is completed. "Macy's appreciates the cooperation of the City of St. Louis and Mayor Slay's office through the sale process. We look forward to Macy's updated presence in the downtown community."