Vornado Takes H Street Corp. for $247M

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WASHINGTON, DC-In a transaction valued at $246.6 million, Paramus, NJ-headquartered Vornado Realty Trust has acquired locally based H Street Building Corp. Vornado shelled out $194.5 million in cash as partial payment for the business; the remaining payment came in the form of a $52.1 million pro-rata share of existing mortgages.

Vornado’s purchase leaves the REIT in possession of H Street’s interests in land and commercial properties here and in Northern Virginia. H Street has a 50% interest–in the form of stock ownership in corporations–of a portfolio of real estate consisting of a 1,670-unit multifamily property, 10 acres that are slated for development, and an additional 34 acres. The assets include two office facilities accounting for an aggregate 577,000 sf. Neither Vornado nor H Street responded to GlobeSt.com inquiries by deadline.