Crown Acquisitions’ Acquisition Of Stake In Upper Fifth Avenue And Times Square Retail Portfolio


Simpson Thacher represented Crown Acquisitions in connection with the acquisition of a 45.4% common equity interest in a portfolio of flagship high street retail assets on Upper Fifth Avenue and Times Square and the formation of a joint venture with Vornado Realty Trust.

Vornado is the general partner of the joint venture formed to own the assets and will continue to own 51% of the common equity. The transaction values the portfolio at $5.556 billion.

The properties, located at 640 Fifth Avenue, 655 Fifth Avenue, 666 Fifth Avenue, 689 Fifth Avenue, 697-703 Fifth Avenue, 1535 Broadway and 1540 Broadway, include approximately 489,000 square feet of retail, approximately 327,000 square feet of office, signage at 1540 Broadway and 1535 Broadway, the parking garage at 1540 Broadway and the theatre at 1535 Broadway, and are home to some of the world’s leading retail brands, including Ferragamo, Brunello Cucinelli, Tissot and Uniqlo.

Crown Acquisitions is a family real estate development business with a focus on New York retail and office properties.

The Simpson Thacher team included Scott Kobak (Picture), Whitney Salinas, Justin Vilinsky, Jacob Vadeboncoeur, Davy Huang, Robert Vogel, Stephanie Brenner and Maggie Finnegan (Real Estate); Nancy Mehlman and Sarah Katz (Tax); Jeanne Annarumma (ERISA); and Greg Grogan, Andrew Blau, Alisa Tschorke and Caitlin Fitzgerald (ECEB).

Involved fees earner: Jeanne Annarumma – Simpson Thacher & Bartlett; Andrew Blau – Simpson Thacher & Bartlett; Stephanie Brenner – Simpson Thacher & Bartlett; Margaret Finnegan – Simpson Thacher & Bartlett; Caitlin Fitzgerald – Simpson Thacher & Bartlett; Gregory Grogan – Simpson Thacher & Bartlett; Davy Huang – Simpson Thacher & Bartlett; Sarah Katz – Simpson Thacher & Bartlett; Scott Kobak – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Whitney Salinas – Simpson Thacher & Bartlett; Alisa Tschorke – Simpson Thacher & Bartlett; Jacob Vadeboncoeur – Simpson Thacher & Bartlett; Justin Vilinsky – Simpson Thacher & Bartlett; Robert Vogel – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Crown Acquisitions;

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Author: Ambrogio Visconti