QIA Acquires 24% of $5.6 Billion Fifth Avenue-Times Square Property Portfolio
April 25, 2019
Cleary Gottlieb represented Qatar Investment Authority (QIA) in the acquisition of an approximate 24% stake in a Fifth Avenue-Times Square portfolio of properties valued at approximately $5.6 billion.
The portfolio includes retail and commercial space at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway, and 1540 Broadway. The portfolio includes approximately 327,000 square feet of office space, signage at 1535 Broadway and 1540 Broadway, a parking garage at 1540 Broadway, a theatre at 1535 Broadway, and approximately 489,000 square feet of some of the most highly trafficked retail space in the world.
Vornado Realty Trust formerly held approximately 96.4% of the portfolio and transferred approximately 45.4% of its common equity interest in the portfolio to a joint venture of institutional investors advised by Crown, which included QIA. Vornado Realty Trust will retain approximately 51% of the common equity of the joint venture and will act as the joint venture’s general partner.