Uniqlo to Acquire Fifth Avenue Flagship Store from Vornado, Brookfield

Vornado Realty Trust said its 52% owned street retail joint venture has entered into an agreement to sell Japanese apparel brand Uniqlo the portion of its U.S. flagship store at 666 Fifth Ave. owned by the retail JV for $350 million. Separately, Uniqlo will acquire the remainder of the store from Brookfield Properties, the owner of an office condominium branded as 660 Fifth Ave.

The JV owns the fee condo interest in 17,295 square feet of Uniqlo’s 90,732-square-foot store. In conjunction with the closing of the sale of both portions of the store, which is expected to occur in the first quarter of 2025, the pass-through leases between the office condo owner and the retail JV will be terminated.

Eastdil Secured acted as an advisor to Vornado’s street retail JV. Vornado said the JV will continue to own 23,832 square feet of retail space at 666 Fifth Ave., consisting of the Abercrombie & Fitch and Tissot stores.