By Emon ReiserVornado Realty Trust said its 52%-owned retail joint venture has agreed to sell some of its square footage at 666 Fifth Avenue in New York, where Japanese retailer Uniqlo operates its U.S. flagship store. Uniqlo agreed to buy 17,295 square feet of its 90,732-square-foot store in a transaction valued at $350 million. Vornado's joint venture will continue to own the 23,832 square feet occupied by Abercrombie & Fitch and Tissot stores at the location. Uniqlo has entered into a separate transaction with the office condominium owner for the remainder of the store. The real estate investment trust reported a quarterly profit of $50.8 million on $450.3 million in revenue.

Source: Wall Street Journal August 06, 2024 03:25 UTC