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Vornado Exits Stake in 330 Madison
Vornado Realty Trust completed the previously announced sale of its 25% interest in 330 Madison Ave. to its partner at a $900-million valuation. As with the initial announcement of the sale, Vornado didn’t identify the buyer by name. However, the majority owner of the 846,000-square-foot office tower is the Abu Dhabi Investment Authority (ADIA).
This past January, the New York Post reported that ADIA had hired CBRE’s Darcy Stacom and William Shanahan to market its 75% stake in 330 Madison at pricing expected to approach $1 billion. At the time, it was expected that Vornado would retain its stake.
Net proceeds to Vornado, after deducting the existing $500-million mortgage loan, is approximately $100 million. The financial statement gain, which will be recognized in the third quarter, is estimated to be $159 million. The tax gain is estimated to be $138 million.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
