Vornado Realty Trust to buy Marriott Marquis retail for $442m

Vornado Realty Trust has acquired the retail and commercial condominium portion of the New York Marriott Marquis for $442 million from Host Hotel & Resorts.

Vornado Realty Trust now owns 100 percent of the fee in the 45,000 square feet of retail, which is 100 percent leased to T-Mobile, Invicta, Swatch, Levi's, and Sephora; the 1,611 seat Marquis Theater leased to the Nederlander Organization, and the largest digital sign in New York with a 330 linear foot, 25,000 square-foot display.

In addition, Host Hotel & Resorts closed on the sale of the W New York - Union Square for a sale price of $171 million.