The stock of Amazon.com, Inc (NASDAQ:AMZN) closed at $1,006.34 gaining 0.34% in yesterday’s trading session. On Monday, the internet retailer proceeded to lease the top six floors of the downtown Macy’s Inc (NYSE:M) property. According to an internal source, about 475,000 square feet of office space is under the ownership of Starwood Capital Group.

Back in 2015, Greenwich is said to have channeled over $65.6 million into the purchase of the top four floors of the building. This particular year, it has again set aside some money which it will be using in the purchase of some two more floors.

The building was built in 1929 and it was not until 1950 that further expansions are said to have taken place. Back in 2014, Facebook, Inc (NASDAQ:FB) was considering taking space in the building.

The Seattle skyscraper will be launched in 2020 if all moves according to plan and analysts see the lease by Amazon as a way to fill a wide gap existing between its 722,000 square feet of office space and the downtown high-rises.

That 58-story tower is expected to have about 200 retail spaces and luxury apartments.

Macy takes great pride in the fact that at the moment it has a 2.6 Average Broker Rating. This figure has its basis on the 10 sell-side firms that were polled by Zacks.

Analysts continue hoping that Macy’s stock might soon be rising to hit the $25.44 mark in the course of this year. The ABR in a major way helps simplify the analysts ratings into an integer based figure. In the next quarterly report, analysts have projected that Macy’s might be reporting earnings of about $0.19 per share.

One of the officials working with Macy’s opined, “Investors may be doing a portfolio evaluation as we head into the second half of the calendar year. Assessing results from the first half may help identify what went right, and what went wrong.”