Vornado to Acquire Retail at 666 Fifth Avenue for $707M
VORNADO REALTY TRUST (NYSE: VNO) announced today that it has entered into an agreement to acquire a retail condominium located at 666 Fifth Avenue at 53rd Street for approximately $707 million, expanding its best-in-class 2.2 million square foot portfolio of Manhattan street retail. The asset has 126 feet of frontage on Fifth Avenue and contains 114,000 square feet, 39,000 square feet in fee and 75,000 square feet by long-term lease from the 666 Fifth Avenue office condominium, 49.5% owned by Vornado. This retail space is leased to Uniqlo, Hollister and Swatch.
The purchase will be funded with property level debt and proceeds from asset sales and is expected to close in the fourth quarter of this year, subject to customary closing conditions.
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