Vornado Closes on 1 Park Ave. Stake

NEW YORK CITY-The deal for a 95% stake in the 933,315-square-foot office tower is valued at $374 million including a $250-million refi.

By Paul Bubny | Updated on March 25, 2011

NEW YORK CITY-Vornado Realty Trust said late Thursday it had closed on its acquisition of a 95% interest in 1 Park Ave. in partnership with a real estate fund of which it’s 25% owner. The deal values the 95% stake at $374 million, or $422 per square foot, including $137 million in cash and Vornado’s share of a new $250-million, five-year mortgage.

Murray Hill Properties, retains a 5% stake and will continue managing and leasing the property, GlobeSt.com learned last month. The company acquired the 933,315-square-foot office tower for $550 million at the peak of the market.

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