Vornado Realty Trust is buying out Canada Pension Plan Investment Board's 45% stake in One Park Ave., taking full ownership of the 943,000 square foot Manhattan office.
The purchase price values the property at $875 million. The REIT is paying CPP Investments approximately $158 million in cash plus Vornado is assuming $525 million in debt.
One Park Avenue is 67% leased to New York University through May 2050. Vornado originally acquired a stake in the property in March 2011 at a $394 million valuation and recapitalized the property with CPP Investments in June 2014 at a $560 million valuation.
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The purchase is expected to close in the third quarter of 2021, subject to customary closing conditions.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
