Vornado Realty Trust's joint venture will sell a 173,000 sq. ft. office building for $205 million, closing Q3 2025.
Quiver AI Summary
Vornado Realty Trust announced that its 55% owned joint venture has agreed to sell the Class A office building located at 512 West 22nd Street for $205 million, with the sale expected to close in the third quarter of 2025. A portion of the proceeds will be used to pay off a mortgage loan of $123.6 million associated with the property. Vornado Realty Trust, an equity real estate investment trust, highlighted that the transaction is subject to customary closing conditions and contains forward-looking statements regarding future expectations, which may be influenced by various risks such as interest rate fluctuations and inflation.
Potential Positives
- Vornado Realty Trust's joint venture has agreed to sell a prime Class A office building for $205 million, indicating strong demand for quality real estate assets.
- The sale allows the joint venture to repay a significant $123.6 million mortgage loan, improving its financial position and reducing debt obligations.
- The anticipated closing of the sale in the third quarter of 2025 suggests a positive timeline for cash flow and liquidity for Vornado and its partners.
Potential Negatives
- The decision to sell a Class A office building for $205 million may indicate liquidity issues or a strategic pivot that raises concerns about future revenue and asset stability.
- The need to repay a $123.6 million mortgage loan from the proceeds of this sale could signify excessive leverage or financial stress within the joint venture.
- Highlighting forward-looking statements accompanied by numerous risks and uncertainties might suggest that the company is facing challenges that could adversely affect its future performance.
FAQ
What property is Vornado Realty Trust selling?
Vornado Realty Trust is selling 512 West 22nd Street, a 173,000 square foot Class A office building.
What is the sale price of the office building?
The office building is being sold for $205 million.
When is the expected closing date of the sale?
The sale is expected to close in the third quarter of 2025.
What will be done with the proceeds from the sale?
A portion of the proceeds will be used to repay the $123.6 million mortgage loan encumbering the property.
What type of company is Vornado Realty Trust?
Vornado Realty Trust is a fully-integrated equity real estate investment trust (REIT).
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$VNO Insider Trading Activity
$VNO insiders have traded $VNO stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $VNO stock by insiders over the last 6 months:
- RUSSELL B JR WIGHT sold 2,000 shares for an estimated $89,727
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$VNO Hedge Fund Activity
We have seen 193 institutional investors add shares of $VNO stock to their portfolio, and 185 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- PRICE T ROWE ASSOCIATES INC /MD/ removed 1,462,612 shares (-16.5%) from their portfolio in Q1 2025, for an estimated $54,102,017
- ALYESKA INVESTMENT GROUP, L.P. removed 1,441,338 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $60,593,849
- FMR LLC added 1,075,662 shares (+2968.4%) to their portfolio in Q1 2025, for an estimated $39,788,737
- INVESCO LTD. added 1,067,284 shares (+34.0%) to their portfolio in Q1 2025, for an estimated $39,478,835
- VANGUARD GROUP INC removed 895,513 shares (-3.6%) from their portfolio in Q1 2025, for an estimated $33,125,025
- CITADEL ADVISORS LLC removed 886,043 shares (-28.1%) from their portfolio in Q4 2024, for an estimated $37,249,247
- D. E. SHAW & CO., INC. removed 861,268 shares (-74.9%) from their portfolio in Q4 2024, for an estimated $36,207,706
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 55% owned joint venture has entered into an agreement to sell 512 West 22 nd Street, a 173,000 square foot Class A office building, for $205 million. The sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions.
A portion of the proceeds will be used by the joint venture to repay the $123.6 million mortgage loan encumbering the property.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
CONTACT
Thomas J. Sanelli
(212) 894-7000
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.
