Vornado Realty Trust
Headquarters:
888 Seventh Ave.
New York, NY 10019
Phone: (212) 894-7000
Employees: 3,477
CEO: Steven Roth
Stock Symbol: VNO
Website:
http://www.vno.com
Vornado is one of the largest owners and
managers of real estate in the United States with a portfolio
of approximately 116 million square feet in its major holdings
primarily located in the New York and Washington, DC metro areas.
Vornado also has a 1/3 stake in the Toys "R" Us retail
chain, which it acquired in 2005 with two other firms.
Vornado's four major platforms include:
New York City Office; Washington, DC Office; Retail Properties
and Merchandise Mart.
New York Office
28 office properties aggregating 16.0 million square feet, primarily
located in midtown Manhattan.
Washington, DC Office
83 office properties and one hotel aggregating 17.6 million square
feet, located in Washington, DC and northern Virginia.
Retail Properties
173 properties with 21.1 million square feet located in the United
States, the District of Columbia and Puerto Rico.
Merchandise Mart
Merchandise Mart includes 9.2 million square feet in 9 Mart buildings
including the 3.4 million square foot Merchandise Mart in Chicago.
Other Real Estate Investments
- 32.8% interest in Alexander's Inc.
·
- 32.8% interest in Toys "R" Us
·
- Hotel Pennsylvania in New York City
·
- 47.6% interest in Americold Realty Trust
·
-Mezzanine loans to real estate related companies
·
Interests in other real estate, including interests in other
public companies that own and manage office, industrial and retail
properties net leased to major corporations and student and military
housing properties throughout the United States; 7 dry warehouse/industrial
properties in New Jersey containing approximately 1.5 million
square feet; and other investments and marketable securities.
·
Total real estate owned or managed, including pro-rata share
of partially-owned entities and joint ventures, is approximately
116 million square feet, including Vornado's 16 million square
feet of Toys "R" Us real estate.
In December 2007, Vornado said it has been
selected as the developer of the north wing of the Port Authority
Bus Terminal at 42nd Street and Eighth Avenue in Manhattan. It
has an 80% stake in the venture. The joint venture will enter
into a 99 year lease with the Port Authority to create approximately
60,000 square feet of prime retail space and to develop a 1.3
million square foot office tower. The Port Authority intends
to renovate and modernize the bus terminal.
As a Real Estate Investment Trust (REIT),
Vornado must pay out 90% of its income in the form of dividends
in order to avoid corporate income taxes.
Updated February 24, 2008
|
