NEW YORK CITY-The Kushner Cos. has entered into a JV with Vornado Realty Trust to recap the office portion of 666 Fifth Ave. The 1.5-million-square-foot class A office building had its debt refinanced in the deal, which also saw Vornado acquire a 49.5% stake.
Vornado owns over 100 million square feet of commercial real estate, mainly in New York and Washington, DC.
Each JV partner will contribute toward a loan for the JV which will be used for tenant improvements and working property—the Kushner Cos. contributing $30 million and Vornado $80 million.
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