Vornado Realty Trust : Vornado to Acquire Retail at 666 Fifth Avenue, Expanding its Best-in-Class Manhattan Street Retail Portfolio
07/05/2012| 08:10pm US/Eastern
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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.
Vornado Realty Trust is a fully integrated equity real estate investment
trust.
Certain statements contained herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing commitments
and general competitive factors.
VORNADO REALTY TRUST
JOSEPH MACNOW, (201) 587-1000
© Business Wire 2012
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