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Brookfield Finalizes Deal for 666 Fifth Office Condo
Finalizing a deal that had been expected for months, Brookfield Asset Management has acquired a 100% leasehold interest in 666 Fifth Ave.’s office condo from the Kushner Companies. Financial terms were not disclosed. Vornado Realty Trust said net proceeds from the sale of its 49.5% interest in the property back to Kushner were $120 million, with estimated tax gains of $244 million.
Ric Clark, chairman of Brookfield Property Group, said that with its Main and Main location and “currently unrefined physical characteristics,” 666 Fifth had “the potential to be one of New York City’s most iconic and successful office properties. Given Brookfield’s experience in successfully redeveloping and repositioning major office assets in New York and other cities around the world, we are well-placed to capitalize on that opportunity.”
Brookfield’s leasehold in the 41-story tower’s office component is for 99 years. Vornado will continue to own 666 Fifth’s retail.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
