VNO Vornado Realty Trust

Vornado Completes Master Lease with New York University for 770 Broadway

Vornado Completes Master Lease with New York University for 770 Broadway

NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment to Vornado of $935 million and will also make annual lease payments to Vornado of approximately $9.3 million during the lease term. NYU has an option to purchase the leased premises in both 2055 and at the end of the lease term in 2095. NYU will assume the existing office leases and related tenant income at the property.

Vornado used a portion of the prepaid lease payment to repay the $700 million mortgage loan which previously encumbered the property.

Vornado will retain the 92,000 square feet retail condominium leased to Wegmans.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

CONTACT

Thomas J. Sanelli

(212) 894-7000

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024. Currently, some of the factors are the increased interest rates and inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.



EN
05/05/2025

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Vornado Realty Trust

Vornado Realty Trust: 1 director

A director at Vornado Realty Trust sold 20,000 shares at 37.982USD and the significance rating of the trade was 80/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...

 PRESS RELEASE

Vornado JV to Sell 512 West 22nd Street for $205 Million

Vornado JV to Sell 512 West 22nd Street for $205 Million NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 55% owned joint venture has entered into an agreement to sell 512 West 22nd Street, a 173,000 square foot Class A office building, for $205 million. The sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions. A portion of the proceeds will be used by the joint venture to repay the $123.6 million mortgage loan encumbering the property. Vornado Realty Trust is a fully-integrated equity re...

 PRESS RELEASE

Vornado Announces First Quarter 2025 Financial Results

Vornado Announces First Quarter 2025 Financial Results NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE: VNO) reported today: Quarter Ended March 31, 2025 Financial Results NET INCOME attributable to common shareholders for the quarter ended March 31, 2025 was $86,842,000, or $0.43 per diluted share, compared to a net loss attributable to common shareholders of $9,034,000, or $0.05 per diluted share, for the prior year's quarter. The increase is primarily due to the $76,162,000 net gain recognized upon the disposition of a portion of the 666 Fifth condominiu...

 PRESS RELEASE

Vornado Completes Master Lease with New York University for 770 Broadw...

Vornado Completes Master Lease with New York University for 770 Broadway NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has completed a master lease with New York University (“NYU”) to lease 1,076,000 square feet at 770 Broadway, on an “as is”, triple net basis for a 70-year lease term. Under the terms of the master lease, a rental agreement under Section 467 of the Internal Revenue Code, NYU made a prepaid lease payment to Vornado of $935 million and will also make annual lease payments to Vornado of approximately $9.3 million during th...

 PRESS RELEASE

Vornado Declares Quarterly Dividends On Preferred Shares

Vornado Declares Quarterly Dividends On Preferred Shares NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its Board of Trustees has declared the following quarterly preferred dividends:  Series A Convertible$.8125000per share  Series L Cumulative Redeemable$.3375000per share  Series M Cumulative Redeemable$.3281250per share  Series N Cumulative Redeemable$.3281250per share  Series O Cumulative Redeemable$.2781250per share        In each case, dividends are payable on July 1, 2025 to shareholders of record on June 16, 2025. Vornado ...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch