Vornado Realty Trust is selling part of its stake in the Uniqlo-anchored property at 666 Fifth Avenue, Manhattan, to Uniqlo for $350 million. The sale, managed by Eastdil Secured, is expected to net Vornado $340 million, which will likely be used to repay $390 million in preferred equity. The REIT’s joint venture holds a 52% interest in 17,295 square feet of Uniqlo’s 90,732 square feet space. The remaining 23,832 square feet, including tenants Abercrombie & Fitch and Tissot, will still be owned by the joint venture. The announcement precedes Vornado’s second-quarter earnings call.
Vornado Realty Trust
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