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| Vornado finalizes acquisition of 95% interest in One Park Avenue Vornado Realty Trust announced that it has finalized its co-investment with its real estate fund in the recent acquisition of One Park Avenue, a 933,000 square foot office building located on the entire block front on the east side of Park Avenue between 32nd and 33rd Streets. In connection with this transaction, Vornado negotiated a new long term lease with New York University, the building's major tenant, for its NYU Langone Medical Center, expanding their space from 180,000 to 368,000 square feet and increasing the building's occupancy from 80% to 97%. The purchase price for the 95% interest in the building was approximately $374 million, or $422 per square foot, consisting of $137 million of cash and 95% share of a new $250 million 5-year mortgage that bears interest at 4.995%. Vornado's aggregate ownership interest in the building including its 25% ownership of the Fund is 46.5%. write your comments about the article :: © 2011 Construction News :: home page |