MINNEAPOLIS - The I's have been dotted and the T's crossed... completing the sale of the iconic building in downtown Minneapolis that once housed Dayton's department store.

Macy's Inc. announced the completed sale of the building at 700 Nicollet Mall, which currently houses Macy's Department Store until the location closes this spring. A clearance sale that began January 9 is expected to run through late March.

The new owner is 601W Companies, which is planning a major mixed-use redevelopment for the space. The purchase price is listed by Macy's as $59 million cash.

"Macy’s has been investigating the best possible use for this property, especially given the large amount of unproductive and unused space on the upper floors,” said Jeff Kantor, Macy’s Chief Stores Officer. “601W Companies has an exciting vision to redevelop the building into creative office space on the upper floors and to pursue retail opportunities on the street and skywalk levels. We believe this will be an outstanding addition to the downtown Minneapolis community in the heart of the city."

The closing of the downtown Macy's location will displace 280 employees, some of whom will be offered positions in other store locations. The chain will continue to operate eight other stores in the Twin Cities, including six department stores and two furniture stores.