Vornado To Buy Rest Of One Park Avenue

Vornado Realty Trust is nearing a deal to become the sole owner of One Park Avenue.

On Tuesday, the company announced it agreed to acquire the Canada Pension Plan Investment Board’s 45% stake in the Midtown building.

Vornado will be paying $158 million in cash and assume the pension fund’s portion of the $525 million of debt on One Park Avenue. The deal values the 943,000 Sq Ft. building at $875 million.

Vornado spent $180 million to recapitalize and seize control of the building from Murray Hill Properties in 2011. At the time, the company also secured $250 million in debt. As then, Vornado’s interest in the building has grown.

A few months ago, Vornado and the CPPIB worked with Deutsche Bank and Barclays on a $525 million commercial mortgage-backed securities refinance of the building.

The deal was for a two-year, interest-only, floating-rate mortgage securitized in a single-asset, single-borrower CMBS deal. It was one of the largest post-Covid office financings.

One Park Avenue tenants include Robert A.M. Stern Architects, Equinox, and NYU Langone Medical Center, which recently expanded to 633,000 Sq Ft. As of February, the building was 98% leased to 22 tenants.

Leave a Comment

Your email address will not be published.

Who Is Gia Ruiz?: 5 Facts To Know About The Director 2022 Who Is Vanessa Villela? 12 facts About The Selling Sunset Cast member Matt Roloff Net Worth: How The ‘LPBW’ Stars Make Money Jeanna Harrison Net Worth: Biography, Age, Boyfriend, And More 2022 Thor: Love and Thunder Post Credits Scenes Count Confirmed 2022 General Hospital Spoilers 6/24/22: Everything Changes The Bold And The Beautiful Spoilers June 27 – July 4, 2022 How Much is Hailey Baldwin Net Worth in 2022? (UPDATED) How Much Is Katherine Jackson Net Worth In 2022? Ashley Tisdale Net Worth 2022: Bio, Age, Career And More Updates