Vornado Realty Trust in Paramus announced today that it priced a public offering of 8.1 million common shares after the close of trading yesterdayVornado Realty Trust (NYSE: VNO) in Paramus announced today that it priced a public offering of 8.1 million common shares after the close of trading yesterday. Shares dipped $3.67, or 2.85%, to $125.18 this morning.
In the SEC filing, Vornado said it plans to close on its $542 million acquisition of 350 Park Avenue, a 538,000-square-foot office building in Manhattan, next week and its $689 million acquisition of the Manhattan Mall, also in Manhattan, in early 2007. The mall, which is 97% leased, includes 812,000 square feet of office space and 164,000 square feet of retail space and is adjacent to Hotel Pennsylvania, which the company also owns.
Net proceeds from the stock sale were approximately $1 billion and will be used for Âgeneral business purposes,Â says the company, which granted underwriters Lehman Brothers and J.P. Morgan a 30-day option to purchase up to an additional 1.2 million shares.