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.

The Kushner Cos. bought the 39-story tower in 2007 for $1.8 billion, according to data from Real Capital Analytics. Headquartered in New York, the company owns, manages and develops properties and its national portfolio consists of 13,000 multifamily apartments in additional to office, industrial and retail holdings.

Neither company returned a call from GlobeSt.com in time for publication.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.