Vornado’s Retail JV Completes $350 Million Transaction with UNIQLO
NEW YORK, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 52% owned street retail joint venture has completed the previously announced sale to UNIQLO of the portion of its U.S. flagship store at 666 Fifth Avenue owned by the retail joint venture for $350 million.
The joint venture continues to own 23,832 square feet of retail space (7,416 square feet at grade) at 666 Fifth Avenue consisting of the Abercrombie & Fitch and Tissot stores.
The $342 million of net proceeds from the sale were used to partially redeem Vornado’s $390 million of preferred equity on the asset.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
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