NEW YORK CITY—Vornado Realty Trust saidThursday afternoon it had signed online retailerAmazon to a 17-year lease for 470,000 square feetat the office and retail REIT's 7 W. 34th St., near Herald Square.The lease accounts for all 12 floors of the property, according toindustry data.
VNO did not state how the space would be apportioned. However,published reports since early October have suggested that Amazonwould use its berth in the Penn Plaza district for its first retailstore and for distribution space.
When reports first surfaced that Amazon was coming to 34thStreet, GlobeSt.com cited a report from Paul Morgan, researchanalyst at MLV & Co., stating that if Amazon were to replicatethe space in other cities, it would make the company a master ofomni-channel selling and would verify the value of the retailsector.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
