J.C. Penney Considering Sale of its Headquarters

J.C. Penney is pursuing a possible sale and partial leaseback of its headquarters building in Plano, Texas as part of an ongoing effort to reduce debt and manage expenses. CBRE Capital Markets is representing Penney. New owners will also own part of the huge Legacy West project under construction next door that will include the North American headquarters for Toyota and others. In 2014, Penney teamed up with three real estate companies to develop the 240 acres around its headquarters in Plano.