Vornado to net $120M from 666 Fifth stake sale
It’s official: Vornado Realty Trust is selling its stake in 666 Fifth Avenue.
The real estate investment trust announced Friday that it reached an agreement to sell its 49.5-percent interest in the office tower to Kushner Companies for “net proceeds” of $120 million. The release didn’t mention Brookfield Property Partners, which is reportedly in talks to take over Vornado’s stake.
Vornado will also receive $58 million from a refinancing of the tower’s mortgage, in which it holds a participation.
Vornado previously announced a “handshake deal” to sell its stake. Brookfield and Kushner plan to redevelop the property. “The plan entails making this 1957 [office] building into a 2018 [office] building with floor-to-ceiling windows, convector units, reskinning the building, upgrading elevator, lobby, and really making this a building of the quality equivalent to the triple-A location where it sits,” Charles Kushner told The Real Deal during a recent interview. [TRD]