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Brookfield, Kushner Reportedly Talk 666 Fifth Ave. Deal
Brookfield and the Kushner Companies are reportedly in advanced talks on a deal for 666 Fifth Ave., the office property that represented a then-record price for a single-asset sale when Kushner acquired it for $1.8 billion in 2007. The deal would entail Brookfield buying out the 49.5% stake held by Vornado Realty Trust, which acquired its interest in 666 Fifth—now 30% vacant—after the 2008 downturn had put it into special servicing.
Vornado chairman Steven Roth broached the subject of an impending exit in his annual letter to investors last month. “I believe we now have a handshake to sell our interest to our partner at a price which will repay our investment plus a mezzanine type return,” he wrote.
In 2016, Kushner was close to a deal with Anbang Insurance Group that would have entailed tearing down the existing 41-story tower and building luxury apartments in its place.
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- ◦Sale/Acquisition
