(For more retail coverage, click GlobeSt.com/RETAIL.)
BOSTON-New Jersey-based real estate developer Vornado RealtyTrust has reached an agreement with Federated Department Stores tobuy Filene's flagship store in Downtown Crossing for about $100million and plans to redevelop and expand the 656,000-sf landmarkinto a retail and office complex.
The transaction, which is expected to be completed by the end ofthe year, is one of about 80 store sell-offs planned by Federatedfollowing the Cincinnati-based firm's $11-billion takeover of theMay Department Store Co. last year. With the recent Vornadoagreement, the company now has buyers for 57 of those locations.The company said the sale of all 80 properties should bring in $400to $500 million after taxes.
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