Vornado Realty Trust to Purchase 49% Interest in Park Avenue Plaza from Closer Properties
Vornado Realty Trust agreed to purchase a 49% interest in the 1.2 million square foot Park Avenue Plaza for a gross asset valuation of $1.1 billion. The Class A trophy building is 99% occupied with an 11-year weighted-average lease term and below-market rents, subject to an existing $575 million loan at 2.99%.
Key figures
- Deal Value Usd
- 1100000000
- Interest rate
- 2.99%
- Loan maturity
- November 2031
- Occupancy rate
- 99%
- Square footage
- 1.2 million
- Existing loan amount
- 575000000
- Price per square foot
- 950
- Weighted average lease term
- 11 years
AI analysis
The rest of the AI analysis, red flags and sentiment are part of Signal8 Pro.
AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.