The Real Deal New York

Vornado to develop Marriott Marquis retail

August 02, 2012 02:30PM

Continuing its Manhattan retail play, Vornado Realty Trust has signed a 20-year lease for the retail space underneath the Marriott Marquis Times Square hotel, Host Hotels & Resorts, the hotel’s owner, announced today.

The trust will spend as much as $140 million to expand the space, at 1535 Broadway, convert the underground parking lot into additional selling space, and create a six-story, 300-foot-long LED sign. The lease gives Vornado the option to buy the space for a price to be determined by the its future cash flows.

Vornado, which also owns the property across the street at 1540 Broadway, recently spent $710 million to acquire the retail at 666 Fifth Avenue and has reached a deal to acquire the retail underneath the Carlton House for $280 million. — Adam Fusfeld

  • Cleo

    were those spaces easy to rent out before?