NEW YORK CITY-Private equity giant the Blackstone Group is putting a 49.9% stake in the World Apparel Center at 1411 Broadway on the market, leaving co-owner the Swig Co. the opportunity to find a new partner in the property, a source familiar with the deal confirms to GlobeSt.com. The announcement first appeared in Crain’s New York Business.

The building – located between 39th and 40th Streets in the Garment District – is valued at $700 million to $750 million, sources say. In 2006, Blackstone acquired the position in the 1.18 million-square-foot building through its $9 billion buy of Trizec Properties Inc. and Trizec Canada Inc. with Brookfield Office Properties.

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