{"id":971523,"date":"2026-06-11T17:25:14","date_gmt":"2026-06-11T21:25:14","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/vornado-realty-trust-completes-acquisition-of-49-interest-in-park-avenue-plaza\/"},"modified":"2026-06-11T17:25:14","modified_gmt":"2026-06-11T21:25:14","slug":"vornado-realty-trust-completes-acquisition-of-49-interest-in-park-avenue-plaza","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/vornado-realty-trust-completes-acquisition-of-49-interest-in-park-avenue-plaza\/","title":{"rendered":"Vornado Realty Trust Completes Acquisition of 49% Interest in Park Avenue Plaza\u00a0"},"content":{"rendered":"<div class=\"mw_release\">\n<p>NEW YORK, June  11, 2026  (GLOBE NEWSWIRE) &#8212; <\/p>\n<p align=\"justify\">Vornado Realty Trust (NYSE:VNO) announced today that it has completed its previously announced acquisition of a 49% interest in Park Avenue Plaza.<\/p>\n<p align=\"justify\">The property was acquired at a gross valuation of $1.1 billion ($950 per square foot), a significant discount to replacement cost. Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52<sup>nd<\/sup> Street. The trophy, Class A office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street. The property is located directly across 52<sup>nd<\/sup> Street from Vornado\u2019s 350 Park Avenue development.<\/p>\n<p align=\"justify\">Park Avenue Plaza is 99% occupied by blue-chip tenants with an 11-year weighted-average lease term and substantially below-market rents. Vornado acquired its interest subject to its share of the $575 million loan encumbering the property that bears interest at a fixed rate of 2.99% and matures in November 2031.<\/p>\n<p align=\"justify\">Fisher Brothers retains its current 51% ownership interest and continues to manage and lease the property. Vornado and Fisher Brothers have joint control over major decisions.<\/p>\n<p align=\"justify\">Park Avenue Plaza complements Vornado\u2019s nearby Plaza District holdings of 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 623 Fifth Avenue, 640 Fifth Avenue, 689 Fifth Avenue, 3 East 54<sup>th<\/sup> Street and 1290 Avenue of the Americas.<\/p>\n<p align=\"justify\">Vornado Realty Trust is a fully-integrated equity real estate investment trust.<\/p>\n<p>\n        <strong>CONTACT<\/strong>\n      <\/p>\n<p>\n        <strong>Thomas J. Sanelli<\/strong><br \/>\n        <br \/>(212) 894-7000<\/p>\n<p align=\"justify\">Certain statements contained herein may constitute \u201cforward-looking statements\u201d 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 &#8220;approximates,&#8221; &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;estimates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;would,&#8221; &#8220;may&#8221; 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 \u201cRisk Factors\u201d in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025. Currently, some of the factors are interest rate fluctuations and the effects of 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.<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTc0NTg2NyM3NjU4NDA2IzIwMDgxNzI=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/YTljMDQwMmYtZmQwYy00ODA4LWJhMDItOTJjOGUwZjQ2MTM0LTEwMTk3NDUtMjAyNi0wNi0xMS1lbg==\/tiny\/Vornado-Realty-Trust.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, June 11, 2026 (GLOBE NEWSWIRE) &#8212; Vornado Realty Trust (NYSE:VNO) announced today that it has completed its previously announced acquisition of a 49% interest in Park Avenue Plaza. The property was acquired at a gross valuation of $1.1 billion ($950 per square foot), a significant discount to replacement cost. Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52nd Street. The trophy, Class A office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street. The property is located directly across 52nd Street from Vornado\u2019s 350 Park Avenue development. Park Avenue Plaza is 99% occupied by blue-chip tenants with &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vornado-realty-trust-completes-acquisition-of-49-interest-in-park-avenue-plaza\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Vornado Realty Trust Completes Acquisition of 49% Interest in Park Avenue Plaza\u00a0&#8220;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-971523","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vornado Realty Trust Completes Acquisition of 49% Interest in Park Avenue Plaza\u00a0 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/vornado-realty-trust-completes-acquisition-of-49-interest-in-park-avenue-plaza\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Realty Trust Completes Acquisition of 49% Interest in Park Avenue Plaza\u00a0 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, June 11, 2026 (GLOBE NEWSWIRE) &#8212; Vornado Realty Trust (NYSE:VNO) announced today that it has completed its previously announced acquisition of a 49% interest in Park Avenue Plaza. The property was acquired at a gross valuation of $1.1 billion ($950 per square foot), a significant discount to replacement cost. Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52nd Street. The trophy, Class A office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street. The property is located directly across 52nd Street from Vornado\u2019s 350 Park Avenue development. 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