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Vornado Sells 20 Broad St. Leasehold Interest

NEW YORK CITY—Adjacent to the New York Stock Exchange, the building is slated for conversion into a residential property.

By Rayna Katz | Updated on October 19, 2015

NEW YORK CITY—Vornado Realty Trust has agreed to sell its leasehold interest in 20 Broad St., a 473,000-square-foot office building in Manhattan. The identity of the buyer was unclear at press time. The REIT did not respond to GlobeSt.com’s request for comment.

The aggregate consideration for the sale of the leasehold and the early termination of the NYSE lease is $200 million or $423 per square foot. The total income from this transaction is approximately $156 million comprised of $141 million from the gain on sale and $15 million of lease termination income. The sale is expected to be completed in the fourth quarter of 2015.

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