JV ACQUIRES INTEREST IN FIFTH AVENUE RETAIL SPACE FOR $525 MILLION

NEW YORK CITY — The Carlyle Group and Crown Acquisitions have acquired a controlling interest in the retail portion of 666 Fifth Avenue in New York City from Kushner Cos. for $525 million. The 90,000-square-foot property is positioned on Fifth between 52nd and 53rd streets, and contains 200 feet of uninterrupted retail frontage. Carlton Advisory Services negotiated the transaction, as well as the financing, which was provided by a lending syndicate that includes Barclays and SL Green. Prior to completion of the transaction, Abercrombie & Fitch leased 20,000 square feet of space at the property, where it will join the NBA Store and Hickey Freeman.