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NEW YORK CITY-Vornado Realty Trust said Thursday that Steven Roth will step down as CEO of the company and will be succeeded by Michael D. Fascitelli. Roth will stay on as company chairman. Fascitelli and Roth have been working together since 1997 when Roth recruited Fascitelli from Goldman Sachs to be Vornado’s president and ‘chief growth officer.”

Sources close to the company tell GlobeSt.com that this is in effect a 12-year relationship where the two have run Vornado as partners, so changes in the company’s overall direction are unlikely. A company statement says the ‘close collaboration will continue in the future.’

With 100 million square feet spread among four main platforms–including large chunks in New York City and Washington, DC office space–Vornado is one of the largest owners and managers of commercial real estate in the United States. The company owns 28 office buildings in New York that include places like 595 Madison, 689 Fifth and 40 Fulton Streets. According to the form’s 10-K, the company operates in five business segments that include New York Office Properties, Merchandise Mart Properties and Toys “R” Us.

In Vornado’s 2008 Annual Report, company officials said over the preceding ten years, the company completed $14.9 billion of acquisitions, but sold only $1.2 billion. The report called the high acquisitions and low sales a numerical mismatch, but for better or worse, a product of buy and hold strategy. On May 6, Vornado said its first quarter earnings had dropped from $2.38 a share one year ago to 79 cents per share.

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