the Times Square Gateway Center.
FAIRFAX, VA-Vornado Realty Trust is clearly in capital recycling mode: the REIT has been steadily selling off and acquiring assets in various markets. Its most recent transactions have been in Fairfax, VA and Philadelphia. The sales price for the three Virginia office buildings is approximately $126 million. Vornado has also entered into an agreement to sell a building on Market Street in Philadelphia for approximately $60 million. That building is part of the Gallery at Market East.
These two transactions will result in net proceeds of approximately $89 million and a gain of $70 million. The sales are expected to close in the fourth quarter.
Other transactions by Vornado recently include the acquisition of a 25% stake in the Times Square Gateway Center project from Starwood Property Trust. Vornado bought the first mortgage and mezzanine loans at 701 Seventh Ave. In a separate transaction a Vornado subsidiary sold the Green Acres Mall to Macerich Cos. for $500 million. It is located in Nassau County on the border of New York City.