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Vornado, partner pay $20M for De Beers' lease at NYC hotel

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Vornado, partner pay $20M for De Beers' lease at NYC hotel

Vornado Realty Trust,in partnership with Crown Acquisitions, has boughtout De Beers' lease at the St. Regis Hotel in Manhattan, N.Y.

Public records show the partners paid $20 million for the lease,which covers 7,900 square feet of space at 2 East 55th St., The Real Deal reported March 30. The jeweler's15-year lease was not due to expire until 2019, but it will now relocate to a newflagship store at 716 Madison Ave. on the Upper East Side later in 2016, the publicationnoted.

Vornado and Crown are co-landlords of the commercial condominiumat the base of the hotel where the leased space is located. They the retail property for roughly $700million in 2014 and placed a $450million loan on the asset in December 2015.

Swatch reportedly is taking over the St. Regis space, along withthe five-story town house at 697 Sixth Ave., which have a combined area of 24,800square feet. The Swiss watchmaker had signeda lease with Vornado and Crown in May 2015.

Vornado did not comment on the matter, and comments from Crown,De Beers and Swatch were also not immediately available, according to the publication.