The Firm represented affiliates of The Carlyle Group in connection with a series of transactions relating to the retail portion of 666 Fifth Avenue in New York City. On December 6, 2012, a Carlyle led investor group closed on a $707 million sale of the remaining retail condominium unit owned by Carlyle to affiliates of Vornado Realty Trust. The retail condominium unit that was sold is currently occupied by Hollister (an Abercrombie & Fitch brand), Uniqlo and Swatch.
The instant sale transaction is the culmination of the Firm’s involvement in this investment. The Firm had previously represented Carlyle in its July 2008 acquisition, conversion of the entire building into a commercial condominium and financing of all of the retail space at 666 Fifth Avenue. In March 2011, the Firm represented Carlyle in its sale of a portion of the Fifth Avenue retail to a subsidiary of Inditex SA which created a flagship Zara store at the property, and in its refinancing of the balance of the retail property.
The Simpson Thacher team for the transaction includes Scott Kobak, Erik Quarfordt, and David Gross (Real Estate).
