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Kushners to exit 666 Fifth, Brookfield signs 99-year lease

Anthony Noto
American City Business Journals
Kushners to exit 666 Fifth, Brookfield signs 99-year lease

After shelling out $1.8 billion for the 666 Fifth Ave. office tower — and later acknowledging how big of a mistake that investment was — the Kushner family is finally ridding itself of the property. The New York real-estate family has agreed to lease the building to Brookfield Asset Management for 99 years. Property partner Vornado Realty Trust (NYSE: VNO) will be bought out for $120 million and 666 Fifth will be transferred to Brookfield unencumbered.