As GlobeSt.compreviously reported, Vornado is buying the shares of a group offoreign companies that own the 1% sole general partnership interestas well as 69% in limited partnership interest. They are heldthrough American entities: Apollo Real Estate for the New Yorkbuilding and Hudson Waterfront Associates for San Francisco.

The purchase price consists of $1.01 billion in cash and $797million in existing debt. Vornado executives estimate a price of$775 per sf for 1290 Ave. of the Americas and $575 per sf for 555California St. At those rates the New York building is valued at$1.55 billion and the San Francisco building at $1.035 billion.Vornado's 70% share is $1.085 billion for the New York building,and $724.5 million for the San Francisco building.

The remaining 30% limited partnership interest continues to bein Donald Trump's hands. Vornado has agreed to indemnify thesellers for liabilities and expenses relating to Trump's claimsfrom an unrelated lawsuit Trump initiated in 2005.