Vornado Realty Trust Completes Acquisition of 49% Interest in Park Avenue Plaza
Vornado Realty Trust completed the acquisition of a 49% interest in Park Avenue Plaza, a 45-story trophy office tower, at a gross valuation of $1.1 billion ($950 per square foot). The property is 99% occupied with an 11-year weighted average lease term and substantially below-market rents, located directly across from Vornado's 350 Park Avenue development.
Key figures
- Deal Value Usd
- $1.1 billion
- Total sq ft
- 1.2 million
- Loan maturity
- November 2031
- Occupancy rate
- 99%
- Price per sq ft
- $950
- Loan interest rate
- 2.99%
- Assumed loan amount
- $575 million
- Interest acquired percent
- 49
- Weighted average lease term years
- 11
AI analysis
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