Vornado Realty Trust was repaid $275 million of loans secured by its partnership interests. Vornado also received a prepayment penalty of $4.5 million together with interest through Jan. 14 on $225 million of the loans. The $4.5 million and an additional $1.2 million of unamortized fees will be included in income in the company's first quarter 2005.

Howard Michaels, chairman of the Carlton Group, acted as financial advisor to Macklowe. The 50-story asset is currently valued at $1.7 billion. Tenants, where rents can go from $90 per sf and up, include GM Corp., Bank of America and Estee Lauder. Jamestown's Manhattan portfolio consists of more than 9.3-million sf of office and retail space including 111 Eighth Ave., 1290 Ave. of the Americas and One Times Square.