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
Traded as NYSE: VNO
S&P 500 Component
Industry Real Estate Investment Trust
Founded 1982
Headquarters New York City, New York, U.S.
Key people
 Steven Roth (Chairman and CEO)
Revenue Increase US$2.915 billion (2011)[1]
Increase US$856.153 million (2011)
Increase US$622.302 million (2011)
Total equity Increase US$6.828 billion (2011)
Number of employees
 4,020[2]
Website www.vno.com

Vornado Realty Trust is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's.

History

1999 K Street, NW in Washington, D.C. is being developed by Vornado Realty Trust. It was designed by architect Helmut Jahn.

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.[3]

Vornado began divesting its retail operations, and by the late 1970s was down to 60 Two Guys stores. By the fall of 1979 Interstate Properties Inc., a private partnership engaged in shopping-center development, had taken a 17-percent stake in Vornado. The next year Interstate Properties took control of the firm after winning a proxy struggle. Steven Roth, the active Interstate partner, regarded Vornado's real-estate holdings as more valuable than its declining retail operations. He liquidated Two Guys; by 1985, real estate outstripped merchandising as the chief source of sales.[3]

Interstate Properties entered the Manhattan real-estate market in 1985 by buying a small stake in Alexander's, a failing retailer whose land holdings included its flagship store, occupying the entire block between East 58th and 59th streets and Lexington and Third avenues. Interstate and developer Donald Trump raised their respective shares of Alexander's to 22 percent each in 1987 and agreed to expand or sell their interests in the firm jointly. In 1988 they each raised their stakes to 27 percent. The agreement lapsed in 1991, when Trump turned over his holdings in Alexander's to Citicorp, which had been holding them as collateral for a personal loan. The following year Roth and Alexander's creditors forced the firm into bankruptcy. Alexander's emerged from bankruptcy in 1993, but as a real-estate investment trust. That same year, Vornado Inc. was converted into Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.[3]

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.

On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease.[4] Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities that Silverstein was willing to accept.[5] Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001.

On May 14, 2009, Vornado issued a press release announcing that the board had voted to replace Roth with Fascitelli as CEO of the company. Roth will remain chairman of the board, and Fascitelli will be the President and CEO of the company.[citation needed]

Major holdings

Divisions

Vornado Realty Trust controls various office and retail holdings, which are divided into the following divisions:

New York office

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  • 1290 Avenue of Americas
  • Bloomberg Tower
  • 20 Broad Street
  • 770 Broadway
  • 150 East 58th St
  • 640 Fifth Avenue
  • 689 Fifth Avenue
  • 40 Fulton Street
  • 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
  • 608 5th Ave NY NY 10020

Washington D.C. Office

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Malls

Vornado announced plans to sell its shopping mall portfolio in April 2012 to better focus on its office holdings.[6] As of March 2014, five Vornado malls have already been sold to other companies.

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Manhattan retail

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  • Upper West Side
    • 211–217 Columbus Avenue
  • Upper East Side
    • 1035 Third Avenue
    • 677–679 Madison Avenue
    • 759–771 Madison Avenue
    • 828–850 Madison Avenue
  • Midtown West
    • 27–29 West 57th Street
    • 31 West 57th Street
    • 49 West 57th Street
    • 50 West 57th Street
    • 825 Seventh Avenue
    • 888 Seventh Avenue
  • Plaza Hotel District
    • 640 Fifth Avenue
    • 689 Fifth Avenue
    • 595 Madison Avenue
  • Midtown East
    • Bloomberg Tower
    • 909 Third Avenue
    • 964 Third Avenue
    • 968 Third Avenue
    • 150 East 58th Street
    • 715 Lexington Avenue
  • Grand Central
    • 90 Park Avenue
    • 330 Madison Avenue
  • Times Square
    • 1540 Broadway
  • UN District
    • 866 UN Plaza
  • Pennsylvania Plaza
    • One Penn Plaza
    • Two Penn Plaza
    • 11 Penn Plaza
    • Manhattan Mall
    • 7 West 34th Street
    • 330 West 34th Street
    • Hotel Pennsylvania
    • 435 Seventh Avenue
    • 484 Eighth Avenue
  • Union Square
    • 4 Union Square South
    • 25 West 14th Street
  • Greenwich Village
    • 692 Broadway
    • 770 Broadway
  • SOHO
    • 122-124 Spring Street
    • 386 West Broadway
    • 387 West Broadway
    • 73 Wooster
    • 478–486 Broadway
    • 40–42 Thompson Street
  • Wall Street
    • 40 Fulton Street
    • 20 Broad Street

New York state retail and strip malls (this list includes Outer Boroughs of New York City)

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California office

Merchandise Mart Properties, Inc.

References

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External links

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