Vornado Buys Stake in Two Office Complexes for 1.8B

Jessica Perry//March 16, 2007

Vornado Realty Trust of Paramus today said it has agreed to pay $1.8 billion for a 70 percent interest in 1290 Avenue of the Americas, a Manhattan office building with 2 million square feet, and 555 California Street, an office complex with 1.8 million square feet in San FranciscoÂs financial district. The two complexes haveVornado Realty Trust (NYSE: VNO) of Paramus today said it has agreed to pay $1.8 billion for a 70 percent interest in 1290 Avenue of the Americas, a Manhattan office building with 2 million square feet, and 555 California Street, an office complex with 1.8 million square feet in San FranciscoÂs financial district. The two complexes have prized tenants including Microsoft, Bank of America and Goldman Sachs.

Vornado is buying its 70 percent stake in the properties through the purchase of a group of unnamed foreign companies that currently own them. Donald Trump owns the remaining 30 percent.

Because of an unrelated lawsuit, Trump has court-sanctioned access to the books and records of the general partners of the foreign entities with whom Vornado has struck its deal. Vornado has agreed to indemnify them for select liabilities and expenses arising out of TrumpÂs claims. VornadoÂs acquisition is expected to close in the second quarter of 2007.

Shares of Vornado traded at $121.28, down $0.95 this afternoon.

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