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Vornado to Redeem Nearly $88M in Preferred Units

NEW YORK CITY-Next month, Vornado Realty LP will redeem $87.5 million in 8.5% Series D-1 Cumulative Redeemable Preferred Units. The $292 million sale of Two Park Ave., which was announced in August, has closed.

By Barbara Jarvie | Updated on October 13, 2003

NEW YORK CITY-Vornado Realty LP, the operating partnership though which Vornado Realty Trust conducts business, called for the redemption of all of its 8.5% Series D-1 Cumulative Redeemable Preferred Units that were issued in 1998. The units will be redeemed on Nov. 12 at a redemption price equal to $25 per unit, or an aggregate of $87.5 million plus accrued distributions. In conjunction with the redemption, the company will write off $2.1 million of issuance costs in the fourth quarter of this year.

Vornado also said that the sale of Two Park Ave., a 965,000-sf office building in Manhattan’s Murray Hill, section closed yesterday. In early August, the REIT sold the site for $292 million to SEB Immobilien-Investment GMBH, a German capital investment company. Vornado’s gain on the sale, after closing costs, will be approximately $157 million.

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