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JV Finalizes $100M Acquisition

BOSTON-Joint venture buyers Gale International and Vornado Realty Trust finalize their $100-million acquisition of four Downtown Crossing buildings.

By Beverly Ford | Updated on January 30, 2007

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

BOSTON-Locally based Gale International and Vornado Realty Trust, of New York City, have finalized a $100-million acquisition of a four-building portfolio in Downtown Crossing, including Boston’s historic Filene’s building. The property was acquired from Federated Department Stores. The deal was first reported by GlobeSt.com in July.

The joint venture group plans to invest $600 million to turn the property into a 1.2-million-sf mixed-use development that will include a 38-story tower along with retail space, 600,000 sf of offices, luxury condominiums and a four-star, 250-room hotel.

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