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Garfinkel's may sell, lease flagship building. (retail trade)
Garfinckel's may sell, lease flagship building
Garfinckel's new chief executive officer and president, Neal J. Fox, said he may sell and lease back the downtown flagship building, which was part of the $95 million acquisition of Washington's premier specialty chain from Allied Stores Corp. last summer. Analysts value the 371,000-square-foot building at $300 million-$50 million.
"One option certainly is selling and leasing back and turning the office space that's currently in use here in this building over to someone to develop for outside office use,' Fox said. Retail sources said finding a buyer for the property should be easy. When Allied put Garfinckel's …
