On December 6, Vornado Realty Trust closed on 114,000sf of retail space at Manhattan’s 666 Fifth Avenue, paying $708 million. The space is leased to Uniqlo, Hollister and Swatch. Spanish retail company Inditex (Zara) owns the remaining 38,750sf of retail space at 666 Fifth which it purchased in March 2011 for $324 million. Vornado also has a 49.5 percent stake in the office portion of the 41-story building.

The seller, Carlyle Group, purchased the entire retail portion at 666 Fifth in 2008 for $525 million. The firm is now focused on areas such as Newbury Street in Boston and Market Street in San Francisco, where it believes there may be potential for higher returns on investment, according to The Wall Street Journal.
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Photo: Hiroko Masuike/The New York Times

Last Updated on December 10, 2012 by Ramin Seddiq