NEW YORK CITY—Vornado Realty Trust—in partnership with Crown Acquisitions—has entered into an agreement to acquire the retail condominium of the St. Regis Hotel and the adjacent retail townhouse for approximately $700 million. The property has 100 feet of frontage on Fifth avenue, on the Southeast corner of 55th street. Vornado also owns 689 Fifth Avenue on the same block.

The property’s tenants include the Gucci division of Kering, which holds 17,100 square feet for its Bottega Veneta brand through January 2016; and LVMH, which has 7,600 square feet for its DeBeers brand through January 2019.

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