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Vornado Sells Two Park Ave. for $292M

NEW YORK CITY-When the deal on the 965,000-sf office property closes in Q4, Vornado's gain is projected to be approximately $157 million. SEB Immobilien-Investment is the new owner.

By Barbara Jarvie | Updated on August 06, 2003

NEW YORK CITY-Vornado Realty Trust entered into an agreement to sell Two Park Ave., a 965,000-sf office building in Manhattan’s Murray Hill section, for $292 million to SEB Immobilien-Investment GMBH, a German capital investment company.

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.

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