VNO Vornado Realty Trust
Price Chart
Executive Summary
Vornado Realty Trust completed its acquisition of a 49% interest in Park Avenue Plaza at a gross valuation of $1.1 billion ($950/sq ft), a discount to replacement cost. The trophy office building is 99% occupied with blue-chip tenants, an 11-year weighted-average lease term, and substantially below-market rents, enhancing Vornado's Plaza District portfolio.
Key Financial Metrics
Actionable Insight
The acquisition strengthens Vornado's Plaza District concentration with a trophy asset at a discount to replacement cost, supported by long-term below-market leases. Monitor for potential development synergies with adjacent 350 Park Avenue and any future capital recycling.
Key Facts
- Acquired 49% interest in Park Avenue Plaza at $1.1 billion gross valuation ($950/sq ft), a discount to replacement cost.
- Property is 99% occupied with blue-chip tenants, 11-year weighted-average lease term, and substantially below-market rents.
- Vornado's share of the $575 million loan encumbering the property bears interest at a fixed rate of 2.99% and matures November 2031.
- Fisher Brothers retains 51% ownership and continues to manage/lease; joint control over major decisions.
- Complements Vornado's nearby Plaza District holdings including 280 Park Avenue, 350 Park Avenue, and others.
Financial Impact
Gross valuation $1.1 billion; Vornado's 49% interest implies ~$539 million equity value; share of $575 million loan at 2.99% fixed rate.
Risk Factors
- Office market fundamentals remain uncertain; below-market rents may take time to roll to market.
- Joint control with Fisher Brothers could create governance friction.
- Leverage from the $575 million loan adds financial risk despite low fixed rate.
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3310824 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
1d ago
|
Press Release
| $38.96 awaiting T+20 | awaiting T+20 | — | $38.27 (−1.77%) |
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May 4, 2026
5w ago
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8-K
| $14.96 $15.10 | ▼ −0.94% | ▲ +4.02% | $38.27 (−155.82%) |
|
May 4, 2026
5w ago
|
Press Release
| $30.26 $34.22 | ▲ +13.09% | ▲ +8.13% | $38.27 (+26.47%) |
|
Apr 28, 2026
6w ago
|
Press Release
| $29.35 $33.85 | ▲ +15.33% | ▲ +9.28% | $38.27 (+30.39%) |
|
Apr 21, 2026
7w ago
|
Press Release
| $29.06 $31.65 | ▲ +8.91% | ▲ +4.00% | $38.27 (+31.69%) |
|
Apr 7, 2026
9w ago
|
DEFA14A
| $14.74 $14.96 | ▲ +1.49% | ▼ −7.05% | $38.27 (+159.63%) |
|
Mar 11, 2026
13w ago
|
Press Release
| $26.37 $26.79 | ▲ +1.59% | ▲ +1.07% | $38.27 (+45.13%) |
|
Mar 4, 2026
14w ago
|
Court Ruling
| $28.54 $25.57 | ▼ −10.41% | ▼ −5.99% | $38.27 (+34.09%) |
|
Feb 28, 2026
15w ago
|
Institutional Cluster
| $27.38 $25.18 | ▼ −8.04% | ▼ −0.10% | $38.27 (+39.77%) |
US Market Status
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