NEW YORK CITY-Vornado Realty Trust lateThursday afternoon closed the loop on its previously announcedacquisition of the retail condominium at 666 Fifth Ave.,announcing that it had finalized the $707-million acquisition froma partnership of the Kushner Cos., CrownAcquisitions and the Carlyle Group. TheREIT says the acquisition will be used in a like-kind exchange forincome tax purposes for two completed asset sales and itspreviously announced $500-million sale of the Green Acres Mall inValley Stream, NY, which is slated to be finalized in the firstquarter of 2013.

The 114,000 square feet of 666 Fifth retail, leased toUniqlo, Hollister andSwatch, expands Vornado's portfolio of Manhattanstreet retail to 2.3 million square feet. The office tower's retailspace also includes the 38,750-square-foot former NBA store, whichSpanish retailer Inditex bought in March 2011 for a record-setting$324 million.

The Inditex space was not part of the retail acquisition byVornado, which GlobeSt.com first reported in July. Laast December,Vornado took a 49.5% stake in the office portion of the 41-story666 Fifth, entering a joint venture with Kushner to recapitalizethe property.