The land underneath Vornado Realty Trust’s office tower at 909 Third Avenue sold for $192 million.
Vornado first approved a ground lease for the property in 1999 and currently spends a fixed rent of $1.6 million that ends in 2063.
The 32-story Midtown East tower is 97.9% leased to 15 tenants, including to global marketing organization IPG DXTRA. 601W bought the fee interest for the land in 2004 for $51 million as per records.
The fee interest sale is the latest large deal that 601W made around Manhattan in recent months. In December, 601W bought the Amazon secured office building at 410 Tenth Avenue from SL Green Realty Corp. for $953 million, proclaimed as one of the highest office sales in the country during the coronavirus pandemic.