Vornado Realty Trust Completes Acquisition of 49% Interest in Park Avenue Plaza

Vornado Realty Trust (NYSE: VNO) has completed its acquisition of a 49% interest in Park Avenue Plaza, a 45-story Class A office building located at 55 East 52nd Street in Manhattan. The property was valued at $1.1 billion ($950 per square foot) and is 99% occupied by blue-chip tenants with an 11-year weighted-average lease term. Vornado acquired its stake subject to a $575 million loan at 2.99% fixed rate maturing in November 2031, while Fisher Brothers retains 51% ownership and continues to manage the property.