NEW YORK CITY-Private equity giant the Blackstone Group is putting a 49.9% stake in the World Apparel Center at 1411 Broadway on the market, leaving co-owner the Swig Co. the opportunity to find a new partner in the property, a source familiar with the deal confirms to GlobeSt.com. The announcement first appeared in Crain's New York Business.

The building – located between 39^th and 40^th Streets in the Garment District – is valued at $700 million to $750 million, sources say. In 2006, Blackstone acquired the position in the 1.18 million-square-foot building through its $9 billion buy of Trizec Properties Inc. and Trizec Canada Inc. with Brookfield Office Properties.

Constructed in the early 1970s, the tower has evolved from a haven for small tenants into ‘headquarters building’ after San Francisco-based Swig repositioned the property in 1999. It is 90% occupied by fashion and professional service users, including anchor tenant Jones Group, the apparel and marketing company behind brands like Jones New York, Anne Klein, Kasper and Nine West. A source says that the tower also offers opportunities to create new retail space due to high demand from Midtown shoppers and tourists.