NEW YORK CITY-Private equity giant the BlackstoneGroup is putting a 49.9% stake in the World Apparel Centerat 1411 Broadway on the market, leaving co-owner the SwigCo. the opportunity to find a new partner in the property,a source familiar with the deal confirms to GlobeSt.com. Theannouncement first appeared in Crain's New York Business.

The building – located between 39^th and40^th Streets in the Garment District – is valued at $700million to $750 million, sources say. In 2006, Blackstone acquiredthe position in the 1.18 million-square-foot building through its$9 billion buy of Trizec Properties Inc. andTrizec Canada Inc. with Brookfield OfficeProperties.

Constructed in the early 1970s, the tower has evolved from ahaven for small tenants into ‘headquarters building’ after SanFrancisco-based Swig repositioned the property in 1999. It is 90%occupied by fashion and professional service users, includinganchor tenant Jones Group, the apparel andmarketing company behind brands like Jones New York, Anne Klein,Kasper and Nine West. A source says that the tower also offersopportunities to create new retail space due to high demand fromMidtown shoppers and tourists.