Vornado To Pay $707M For 5th Ave. Retail Space

Law360, New York (July 6, 2012, 1:48 PM EDT) -- Vornado Realty Trust has agreed to pay $707 million for the retail portion of the 41-story building at 666 Fifth Ave., a near-record deal that highlighted the robust demand for space in the legendary shopping corridor, the company said late Thursday.

The deal adds more than 200,000 square feet and three major tenants — Uniqlo, Hollister and Swatch — to Vornado's 2.2 million-square-foot Manhattan retail portfolio and represents a boon for sellers Crown Acquisitions Inc. and Carlyle Group LP, who bought a 49 percent stake in...
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