Vornado Increases Ownership Interest in Farley Post Office to 95%
October 30 2018 - 4:32PM
VORNADO REALTY TRUST (NYSE:VNO) announced today that it has
increased its ownership interest in its Farley Post Office joint
venture with the Related Companies to 95% by acquiring an
additional 44.9% from Related. The purchase price was $41.5 million
plus the reimbursement of costs funded to date. Vornado is
the managing partner. Related will continue to jointly develop and
lease the property.
The property is located on the double-wide block
bounded by 8th and 9th Avenues and 31st and 33rd Streets, across
the street from Penn Station and Madison Square Garden. The
property is being developed into 850,000 square feet of commercial
space, comprised of approximately 730,000 square feet of office
space targeting creative class tenants (with 32 by 40 foot column
spacing and over 17 foot ceiling heights) and approximately 120,000
square feet of retail space. The property is expected to be
delivered in the third quarter of 2020.
This transaction adds to Vornado’s 9 million
square foot Penn Plaza holdings.
Vornado Realty Trust is a fully integrated
equity real estate investment trust.
Certain statements contained herein may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such
factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing
commitments and general competitive factors.
CONTACT: JOSEPH MACNOW
(201) 587-1000
Vornado Realty (NYSE:VNO)
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