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EOP, Vornado Take 1540 Broadway

NEW YORK CITY-In a deal aggregating approximately $820 million, EOP takes the office portion of the 1.1-million-sf 1540 Broadway, while Vornado grabs the retail, signage and parking portions.

By Barbara Jarvie | Updated on May 25, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

NEW YORK CITY-Equity Office Properties is under agreement to take title to the office portion of 1540 Broadway in Times Square, sources tell GlobeSt.com. And Vornado Realty Trust has entered into an agreement to take the retail, signage and parking components for a purchase price of $260 million. The deal has an aggregate value of approximately $820 million.

Eastdil Secured acted as the exclusive advisor the seller, Paramount Group. An EOP spokesperson tells GlobeSt.com that the firm is not commenting as of yet. Built in 1990, the site has an office roster that includes BMG Entertainment Worldwide and Gruner + Jahr Int’l Marketing and Media Services. Last year, media giant Viacom Inc. inked a deal for 305,000 sf, comprising 10 full floors.

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