The 29-floor property, built in 1928, has office tenants including Herrick Feinstein, Schieffelin, Somerset and Co., New York Community Trust, Donald J. Fager and Assoc. as well as retail tenants such as Federal Express and North Fork Bank.
Vornado's gain on the sale, after closing costs, will be approximately $157 million. The sale, which is subject to customary closing conditions, is expected to be completed in the fourth quarter of the year.
Earlier this week, GlobeSt.com reported that Vornado closed on a $77 million acquisition of the 370,000-sf 2101 L St. in Washington, DC. That acquisition increases the company's ownership presence in the greater Washington, DC area market to 56 office properties, accounting for approximately 13.8 million sf.
In June, the REIT entered into a new $600 million unsecured revolving credit facility which has replaced its $1 billion unsecured revolving credit facility that was maturing. The new facility has a three-year term with a one-year extension option and bears interest at LIBOR plus 65 basis points.
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