Vornado Realty Trust Acquires 45% Stake In Mixed-use Property On Park Avenue For $875M

One Park Avenue, a mixed-use office property located in the Gramercy market, has been sold in a recent transaction. The deal, which took place on July 21, 2021, involved the sale of a 45% interest in the property for a total value of $875,000,000. The buyer of this stake is Vornado Realty Trust, while the seller is Canada Pension Plan Investment Board (CPPIB). The transaction was facilitated by brokers Doug Middleton, Alana Bassen, Darcy Stacom, and William Shanahan from CBRE.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $875,000,000
• Address: One Park Avenue
• Market: Gramercy

The property at One Park Avenue is home to several notable tenants, including New York University, Bank of Baroda, Citibank, Equinox, Zibetto Espresso Bar, and Robert A.M Stern Architects. As part of the deal, Vornado Realty Trust paid a cash amount of $158 million to CPPIB. Additionally, Vornado Realty Trust assumed CPPIB's share of $525 million in existing debt on the property. This comprehensive deal values the mixed-use office property at approximately $875 million.