VORNADO REALTY TRUST (NYSE:VNO) announced today that it has invested an
additional $22.7 million to increase its ownership interest in One Park
Avenue to 55% from 49.7% through a joint venture with the Canada Pension
Plan Investment Board who will increase its existing ownership interest
to 45%. The estimated value of the property is $560 million. The
property is encumbered by a $250 million mortgage.
One Park Avenue is a 20-story, 941,000 square foot office building
located on the full eastern block front of Park Avenue between 32nd and
33rd Streets in Midtown South.
Vornado Realty Trust is a fully integrated equity real estate investment
trust.
Certain statements contained herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing commitments
and general competitive factors.
Copyright Business Wire 2014