The land Underneath Vornado Realty Trust’s 909 Third Avenue Sold For $192 Million

The land underneath Vornado Realty Trust’s office tower at 909 Third Avenue sold for $192 million.

The 601W Companies sold the fee interest at 909 Third to an entity tied to Colonnade Management which is led by Columbus Properties CEO John DiMurro in a deal that closed earlier this month.

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.

Leave a Comment

Your email address will not be published. Required fields are marked *