{"id":1004458288,"date":"2020-06-24T05:38:01","date_gmt":"2020-06-24T13:38:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004458288"},"modified":"2020-06-24T06:10:55","modified_gmt":"2020-06-24T14:10:55","slug":"vornado-seeking-recap-for-2-trophy-towers","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-seeking-recap-for-2-trophy-towers\/","title":{"rendered":"Vornado Seeking Recap for 2 Trophy Towers"},"content":{"rendered":"
\"\"<\/a>

1290 Avenue of the Americas, 555 California Street<\/p><\/div>\n

Amid intense uncertainty in the office market<\/a>, Vornado Realty Trust announced it is exploring the potential \u201crecapitalization\u201d of two trophy towers jointly owned by the Trump Organization. The feeling in the industry is that the process will likely end in a sale of Vornado’s interest and the Trump Organization’s as well.<\/p>\n

Vornado is the majority owner of 1290 Avenue of the Americas in Manhattan and 555 California Street in San Francisco with a 70 percent stake, with The Trump Organization. holding the remaining 30 percent in the two assets. According to Bloomberg<\/em> sources<\/a>, the Trump Org. may also sell its stake. <\/p>\n

The 2.1 million-square-foot 1290 Avenue of the Americas became part of Vornado\u2019s holdings in 2007, when the company acquired a majority stake from Hudson Waterfront Associates in a $1.8 billion portfolio deal, according to Yardi Matrix data. In 2012, the property became subject to a $950 million portfolio loan held by U.S. Bank, which had an initial maturity date in 2017 but received a continuation in the same year, public records show. AXA, Columbia University and Neuberger Berman are among the tenants on the building\u2019s roster.  <\/p>\n

Vornado purchased the 1.5 million-square-foot 555 California Street\u2014San Francisco\u2019s fourth-tallest building\u2014in the same 2007 portfolio transaction. The property is part of a $600 million financing package originated by Pacific Life Insurance Co. in 2011. The portfolio loan has a maturity date set for September 2021, Yardi Matrix shows. Tenants at the property include Microsoft, Jones Day and McKinsey & Co.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Trump Organization owns a minority stake in 1290 Avenue of the Americas in Manhattan and 555 California Street in San Francisco.<\/p>\n","protected":false},"author":240,"featured_media":1004458291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21747,1609,15],"tags":[],"class_list":["post-1004458288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-office","category-san-francisco","category-west"],"acf":[],"yoast_head":"\nVornado Seeking Recap for 2 Trophy Towers - 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-seeking-recap-for-2-trophy-towers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado Seeking Recap for 2 Trophy Towers\" \/>\n<meta property=\"og:description\" content=\"The Trump Organization owns a minority stake in 1290 Avenue of the Americas in Manhattan and 555 California Street in San Francisco.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-seeking-recap-for-2-trophy-towers\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-24T13:38:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-24T14:10:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/1290-Ave-555-Cali.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1240\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vornado-seeking-recap-for-2-trophy-towers\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vornado-seeking-recap-for-2-trophy-towers\/\",\"name\":\"Vornado Seeking Recap for 2 Trophy Towers - 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