NEW YORK CITY-Vornado Realty Trust said late Thursday it had closed on its acquisition of a 95% interest in 1 Park Ave. in partnership with a real estate fund of which it’s 25% owner. The deal values the 95% stake at $374 million, or $422 per square foot, including $137 million in cash and Vornado’s share of a new $250-million, five-year mortgage.

Murray Hill Properties, retains a 5% stake and will continue managing and leasing the property, GlobeSt.com learned last month. The company acquired the 933,315-square-foot office tower for $550 million at the peak of the market.

Concurrently with the recapitalization of the property, Vornado secured an expansion lease with tenant NYU Langone Medical Center that increases its space there from 187,116 square feet to 367,584 square feet and boosts the property’s occupancy rate from 80% to 97%. GlobeSt.com reported the recap and leasing deal earlier this month.

Earlier this month, Vornado took a stake in another Park Avenue property, Broadway Partners’ two-tower 280 Park Ave. It teamed up for the first time with another prominent New York City office REIT, SL Green Realty Corp., on a 50/50 joint venture to hold $400 million of debt on the 1.2-million-square-foot asset, located between 48th and 49th streets. In order to make the partnership equal, Vornado paid SL Green $111 million and assumed $15 million of SL Green’s applicable debt.