Vornado came into possession of 5% of the Warner Building two years ago after having acquired real estate firm Kaempfer Co. Kaempfer had purchased the Warner Building along with real Landesbank Hessen-Thringen Girozentrale estate fund affiliate DIV Deutsche Immobilienfonds Verwaltungsgesellschaft fr Grundbesitzanlagen mbH in 2000 for approximately $223 million. The mortgage bears interest at 7.8% and is due in May 2010. The building is currently 93% leased.

Located near the White House, the 13-story Warner Building is home to namesake tenant the historic 2,000-seat Warner Theatre. Other occupants include law firms Baker Botts, Paul, Hastings, Janofsky & Walker and Howrey, which renewed its lease on 312,600 sf in 2004.

Vornado had spearheaded the property's transformation in 1992, relying on the architectural firm of Pei, Cobb, Freed & Partners and Shalom Baranes Associates to incorporate the landmark theatre--originally built in 1924 and designed by Crane & Franzheim--with the new development. In addition to the 11 floors of class A office space, the building also features a three-level underground parking facility and ground-level and lower-level retail space that includes a fitness center.