{"id":1004052415,"date":"2012-07-18T19:49:29","date_gmt":"2012-07-19T03:49:29","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=56589"},"modified":"2020-04-13T08:58:25","modified_gmt":"2020-04-13T16:58:25","slug":"vornado-sells-washington-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-sells-washington-properties\/","title":{"rendered":"Vornado Sells Washington Properties"},"content":{"rendered":"

By Adrian Maties, Associate Editor<\/p>\n

Vornado Realty Trust (NYSE:VNO) announced on July 5 it will sell its office building located at 409 Third St., S.W., in Washington, D.C. The price is $200 million and will result in net proceeds of $186 million and a net gain of $120 million.<\/p>\n

On the same day, Vornado also \"\"<\/a>disclosed that it has agreed to sell the Washington Design Center, the Boston Design Center, the L.A. Mart and the Canadian Trade Shows. The company sold all these assets to help fund the purchase of retail space on New York\u2019s Fifth Avenue, the world\u2019s priciest shopping corridor. (For more on Vornado\u2019s acquisition of the 41-story, 1.5 million-square-foot office building at 666 Fifth Aven., at a price tag of $707 million, click over to\u00a0Vornado Buys, Sells\u2013and Pulls Back Its Veil<\/a><\/em>, an article by Commercial Property Executive\u2019s Barbra Murray.)<\/p>\n

Known as the Washington Office Center, the building at 409 Third St. is adjacent to the Washington Design Center, an historic brick warehouse constructed in the 1920s and expanded in the 1980s. It is also being sold to the same buyer, a buyer whose identity has not yet been disclosed. Vornado Realty Trust has owned both buildings since 1998, when it purchased a 5.3 million-square-foot commercial real estate portfolio from the Kennedy family for approximately $625 million.<\/p>\n

The Washington office tower has nine floors and 420,000 square feet of space. Its amenities include a cafe, fitness center, print shop and bank. All tenants and visitors can park their cars in a\u00a0 four-level garage with 425 spaces. The first level of the garage also includes bike racks. The General Services Administration is its anchor tenants. It signed a 254,000-square-foot lease for the Small Business Administration this January.<\/p>\n

The sale of the 22-year-old Washington Office Center is subject to customary closing conditions. Vornado expects to close it in the third quarter of 2012.<\/p>\n

Click <\/strong>here<\/strong><\/span><\/a><\/span> for more market data on Washington, D.C.<\/p>\n

 <\/p>\n

Image courtesy of https:\/\/www.vornadocharlesesmith.com<\/span><\/a><\/span>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Adrian Maties, Associate Editor Vornado Realty Trust (NYSE:VNO) announced on July 5 it will sell its office building located at 409 Third St., S.W., in Washington, D.C. The price is $200 million and will result in net proceeds of $186 million and a net gain of $120 million. On the same day, Vornado also […]<\/p>\n","protected":false},"author":1269,"featured_media":1004507033,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,21747,21749,1615],"tags":[],"class_list":["post-1004052415","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-office","category-retail","category-washington-dc"],"acf":[],"yoast_head":"\nVornado Sells Washington Properties - Commercial Property Executive<\/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.commercialsearch.com\/news\/vornado-sells-washington-properties\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Sells Washington Properties\" \/>\n<meta property=\"og:description\" content=\"By Adrian Maties, Associate Editor Vornado Realty Trust (NYSE:VNO) announced on July 5 it will sell its office building located at 409 Third St., S.W., in Washington, D.C. The price is $200 million and will result in net proceeds of $186 million and a net gain of $120 million. 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