Walton Street Capital sold to Invesco its majority stake in the 50,000-square-foot retail condominium at 1466 Broadway in Times Square for upwards of $100 million, Crain’s reported. As a result of the deal, Invesco will now be among the three owners of the space, which is valued at $200 million. Crown Acquisitions and Highgate Holdings are the space’s other stakeholders. Adam Spies and Doug Harmon helped arrange the deal.
The Gap leases roughly 40,000 square feet of the retail condo and, according to Haim Chera of Crown Acquisitions. The fashion retailer pays about $7 million each year in rent — which Chera said was below market rate. Nearby at 4 Times Square, Swedish retailer H&M has agreed to pay $20 million annually for a previously reported 45,000 square feet.
“We think this space will lease for similar numbers,” Chera told Crain’s. [Crain's] —Zachary Kussin