Vornado Realty Trust

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This article is about the realty trust. For the fan manufacturer, see Vornado Air LLC.
Vornado Realty Trust
Public company
Traded as NYSEVNO
S&P 500 Component
Industry Real estate investment trust
Founded 1982; 35 years ago (1982)
Headquarters New York City, New York, United States
Key people
Steven Roth
(Chairman & CEO)
Michael J. Franco
(Chief investment officer)[1]
Revenue Increase US$ 2.502 billion (2015)[1]
Increase US$ 807.168 million (2015)[1]
Decrease US$ 679.856 million (2015)[1]
Total assets Decrease US$ 21.143 billion (2015)[1]
Total equity Decrease US$ 6.697 billion (2015)[1]
Number of employees
4,089 (2015)[1]
Website www.vno.com

Vornado Realty Trust is a real estate investment trust based in New York City.

History[edit]

1999 K Street, NW in Washington, D.C. was developed by Vornado Realty Trust and sold for $208M in 2009. It was designed by architect Helmut Jahn.

Two Guys[edit]

Vornado Realty Trust's origins can be traced back to an early discount store chain called Two Guys, founded in 1946 by brothers Sidney and Herbert Hubschman. In 1959, the company acquired O. A. Sutton Corporation, manufacturers of the Vornado line of electric fans, air conditioners, and dehumidifiers. The merged company was renamed Vornado, Inc. At its retail peak in the early 1970s, Vornado operated 53 Two Guys stores, 65 supermarkets, 240 Fosters Freeze restaurants, and other retail operations.[2]

Vornado began divesting its retail operations, and by the late 1970s owned only 60 Two Guys stores. By the fall of 1979, Interstate Properties Inc., a private partnership engaged in shopping-center development controlled by Steven Roth, had taken a 17% stake in Vornado, as Roth became interested in the company's real estate holdings. The next year Interstate Properties took control of the firm after winning a proxy struggle. He liquidated Two Guys and, by 1985, real estate outstripped merchandising as the chief source of sales.[2]

Alexander's[edit]

In 1986, Interstate Properties and Donald Trump each bought approximately 20% of Alexander's, a failing retailer whose real estate holdings included its flagship store, occupying the entire block between East 58th and 59th streets and Lexington and Third avenues. [3]

In 1988, they each raised their stakes to 27% but Trump pledged his interest as collateral for a personal loan from Citicorp and in 1991, Trump was forced to turn over his holdings to the bank.[4]

In 1992, Roth and Alexander's creditors forced Alexander's into bankruptcy.[5]

Alexander's emerged from bankruptcy in 1993 as a real estate investment trust. That same year, Vornado Inc. was converted into a REIT, Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.[6]

Vornado Air[edit]

In 1989, the Vornado name was licensed to a new company in the Wichita area currently known as Vornado Air, LLC to manufacture heating and cooling equipment. Outside of the brand licensing agreement, the Trust has no relation to Vornado Air, LLC. [7]

Entering NYC CRE[edit]

In April 1997, Bernard H. Mendik folded his company into Vornado Realty Trust becoming Vornado's co-chairman for $654 million in stock and assumption of debt. The combination of the Mendik Company's seven midtown office buildings with four million square feet transformed Vornado, then primarily a holder of suburban malls, into a major player in New York City's office market. In October 1998, he resigned from Vornado.

World Trade Center[edit]

On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the bid a 99-year lease for the World Trade Center, offering $3.25 billion.[8] Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities.[9] Silverstein signed a lease for the World Trade Center in April 2001.[10]

2001-present[edit]

In 2001, the company acquired Charles E. Smith Commercial Realty, owner of a portfolio of assets primarily in Arlington, Virginia, in a $1.58 billion transaction. Robert E. Smith and Robert P. Kogod were added to the board of directors of Vornado.[11]

In 2005, the company bought a 32.5% interest in Toys "R" Us.[12]

In 2013, Steven Roth replaced Michael D. Fascitelli as Vornado's CEO. Fascitelli had been CEO since 2009.[13]

In 2015, the company spun off its interest in Urban Edge Properties to its shareholders. [14]

Current operations[edit]

330 Madison Avenue

Vornado owns the following:

Major holdings[edit]

Office buildings[edit]

  • New York City
    • 150 East 58th St
    • 640 Fifth Avenue
    • 689 Fifth Avenue
    • 608 Fifth Avenue
    • 40 Fulton Street
    • 731 Lexington Avenue
    • 330 Madison Avenue
    • 595 Madison Avenue
    • 90 Park Avenue
    • 350 Park Avenue
    • One Penn Plaza
    • Two Penn Plaza
    • 11 Penn Plaza
    • 888 Seventh Avenue
    • 155 Spring Street
    • 909 Third Avenue
    • 40–42 Thompson Street
    • 100 West 33rd Street
    • 7 West 34th Street
    • 330 West 34th Street
    • 29 West 57th Street
    • 31 West 57th Street
    • 49 West 57th Street
    • 50 West 57th Street
  • San Francisco
    • 555 California Street
  • Washington, D.C.
    • 1700 K Street NW NW
    • 1725 DeSales Street
    • 1999 K Street NW
    • 1925 K Street NW
    • 800 17th Street NW (PNC Center)
    • 1919 M Street NW
    • 1101 17th Street NW
    • 2101 L Street NW
    • 1150 17th Street
    • 1776 K Street NW
    • 1666 K Street NW
    • 1730 M Street NW
    • Waterfront Station
  • Arlington, Virginia
    • 200 12th Street South
    • 201 12th Street South
    • 241 18th Street South
    • 251 18th Street South
    • 1550 Crystal Drive
    • 1750 Crystal Drive
    • 2011 Crystal Drive
    • 2100 Crystal Drive
    • 2121 Crystal Drive
    • 2200 Crystal Drive
    • 2231 Crystal Drive
    • 2345 Crystal Drive
    • 2451 Crystal Drive
    • 2001 Jefferson Davis Highway
    • 1800 South Bell Street
    • 1801 South Bell Street
    • 1851 South Bell Street
    • 1901 South Bell Street
    • 1215 South Clark Street
    • 1225 South Clark Street
    • 1235 South Clark Street
    • 1919 South Eads Street
  • Rosslyn, Virginia
    • Rosslyn Plaza C
    • Rosslyn Plaza D
    • Rosslyn Plaza E
    • Rosslyn Plaza North
    • Courthouse Plaza I
    • Courthouse Plaza II
  • Reston, Virginia
    • Commerce Executive Park III
    • Commerce Executive Park IV
    • Commerce Executive Park V
  • Tysons Corner, Virginia
    • Fairfax Square
  • Bethesda, Maryland
    • One Democracy Plaza
    • Two Democracy Plaza
    • The Bedford Building
    • The Camalier Building
    • The Champlain Building
    • The Westmoreland Building

Manhattan street retail[edit]

  • Fifth Avenue
    • 510 Fifth Avenue
    • 608 Fifth Avenue
    • 640 Fifth Avenue
    • 655 Fifth Avenue
    • 666 Fifth Avenue
    • 689 Fifth Avenue
    • 697-703 Fifth Avenue
  • Madison Avenue
    • 595 Madison Avenue
    • 650 Madison Avenue
    • 677–679 Madison Avenue
    • 759–771 Madison Avenue
    • 828–850 Madison Avenue
  • Times Square area
    • 1535 Broadway
    • 1540 Broadway
    • 1601 Broadway
  • Pennsylvania Plaza / Herald Square area
    • One Penn Plaza
    • Two Penn Plaza
    • Penn Plaza
    • 415 Seventh Avenue
    • 100 West 33rd Street
    • 7 West 34th Street
    • 267 West 34th Street
    • 330 West 34th Street
    • 484 Eighth Avenue
    • 488 Eighth Avenue
    • 431 Seventh Avenue
    • 435 Seventh Avenue
    • 150 West 34th Street
  • Midtown
    • 31 West 57th Street - Luxury Hotel Planned [15]
    • 825 Seventh Avenue
    • 888 Seventh Avenue
    • 1290 Avenue of the Americas
    • 330 Madison Avenue
    • One Park Avenue
    • 90 Park Avenue
    • 49 West 57th Street
    • 50 West 57th Street
    • Bloomberg Tower
    • 964 Third Avenue
    • 968 Third Avenue
    • 150 East 58th Street
    • 715 Lexington Avenue
  • SoHo / Tribeca / Downtown
    • 692 Broadway
    • 770 Broadway
    • 122-124 Spring Street
    • 386 West Broadway
    • 387 West Broadway
    • 73 Wooster
    • 478–486 Broadway
    • 40–42 Thompson Street
    • 4 Union Square South
    • 25 West 14th Street
    • 40 Fulton Street

Merchandise Mart Properties, Inc. (MMPI)[edit]

Malls[edit]

References[edit]

External links[edit]