(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
NEW YORK CITY-Vornado Realty Trust is scooping up another property here with the purchase of the Manhattan Mall from Argent Ventures for $689 million. The one-million-sf mixed-use center consists of 164,000 sf of retail space and 812,000 sf of offices.
The 97%-leased Manhattan Mall is on Sixth Avenue between 33rd and 32nd streets. Steve & Barry's University Sportswear is one of the center's anchor tenants, while other stores include Aeropostale, Children's Place and Victoria's Secret.
In its office portion, Bank of America and the Interpublic Group lease a majority of the space. Vornado is also getting 250,000 sf of additional air rights in the transaction, which management expects to close some time in next year's first quarter.
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