Vornado Acquires the Warner Building in Washington D.C.PARAMUS, N.J. -- VORNADO REALTY TRUST Vornado Realty Trust (NYSE: VNO) is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. (New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. : VNO VNO vomeronasal organ. ) today announced that it has acquired the 95% interest, that it does not already own, in the Warner Building, a 560,000 square foot class A office building located at 1299 Pennsylvania Avenue Pennsylvania Avenue is a street in Washington, D.C. joining the White House and the United States Capitol. Called "America's Main Street," it is the location of official parades and processions, as well as protest marches and civilian protests. three blocks from the White House. The purchase price is approximately $319 million, consisting of $170 million in cash and the assumption of an existing mortgage of $136 million and other debt of $13 million. The mortgage bears interest at 7.8% and is due in May 2010. The building is currently 93% leased. The real estate is located in the Washington D.C. metropolitan area where the Company has a 15.9 million square foot office portfolio. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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