ROSSLYN, VA-Vornado Realty Trust has become part owner of a mixed-use complex here with its acquisition of a 46%-partnership interest in partnerships that own the office and residential property. The Paramus, NJ-based REIT bought the interest from a limited partnership that includes Vornado trustees Robert H. Smith, Robert P. Kogod and other family members that owned 19% one of the partnership.
The price of Vornado's partnership interest purchase was 730,000 Vornado Realty LP partnership units and $27.3 million to cover a potion of the existing debt on the property. The complex involved in the transaction consists of four structures containing a total of 714,000 sf of office space, and two additional buildings featuring 195 rental apartment homes.
Vornado owns 15.5 million sf in the Metropolitan Washington, DC area. Among its holding are the 370,000-sf office building at 2101 L St. NW in Washington, DC, which the REIT purchased from the Smith and Kogod partnership two years ago in a deal valued at $77 million.
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