WASHINGTON, DC—Vornado Realty Trust is looking to sell its stake in the Shops at Georgetown Park shopping mall here.
Vornado CEO Steven Roth told investors on an earnings call this week that the 300,000-square-foot Shops at Georgetown Park is one of several properties worth about $400 million the New York City-based REIT has on the market in order to free up cash for further investments, according to the Washington Business Journal.
The company, which is partners on the property with New York City-based Angelo, Gordon & Co., has retained Eastdil Secured to market its 50% stake in the property to interested investors. Vornado is also looking to sell its ownership interest in One Park Avenue in New York City.
Angelo, Gordon & Co. bought the Shops at Georgetown Park in a foreclosure auction for $61 million in 2010, and since then the firm and Vornado have successfully redeveloped the property. See story in the Washington Business Journal.
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