VORNADO REALTY TRUST (NYSE: VNO) announced today that it has acquired a
58.75% interest in Independence Plaza, a 1,328 unit residential complex
in the Tribeca submarket of Manhattan which has 54,500 square feet of
retail space and 550 parking spaces.

As a first step toward this transaction, in 2011, Vornado acquired a 51%
interest in the subordinated debt of Independence Plaza for $ 45 million
and a warrant to purchase 25% of the equity for $ 1 million. The current
transaction values the property at $ 844.8 million; the property is
currently encumbered by a $ 329.2 million mortgage. Vornado acquired its
58.75% interest in the property as follows: (i) buying one of the equity
partners 33.75% interest for $ 160 million, (ii) exercising its warrant

See full press release

Posted in: News, Guidance, Contracts, Asset Sales, Management, M&A, Global

Advertisement