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New York & Tri-State  + Midtown New York  + Office  |  June 24, 2020
Paul Bubny
By: Paul Bubny

Vornado Weighs Recap Options on Towers in NYC, SF

Vornado Realty Trust said Tuesday it had initiated a process to explore options to recapitalize a Midtown Manhattan office tower and a three-building campus in San Francisco that it owns in partnership with President Donald Trump’s company.

The REIT said the recapitalization of the 2.1-million-square-foot 1290 Ave. of the Americas in Manhattan and the 1.8-million-square-foot 555 California St. in San Francisco could be done together or separately. Vornado owns a 70% controlling interest on both properties, with Trump owning the remaining 30%.

Cushman & Wakefield is the exclusive agent for 1290 Sixth Ave. and Eastdil Secured is the exclusive agent for 555 California. Vornado said there could be no assurance that a transaction will be completed.

In an SEC filing earlier this year, Vornado said it had $550 million of debt coming due in December and $950 million of debt on 1290 Sixth Ave. due to mature in 2022.

Pictured: 1290 Ave. of the Americas. Photo credit: Frederick Charles.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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