NEW YORK CITY—Vornado Realty Trust said late Tuesday afternoon that it had closed on its $200-million sale of the leasehold interest in 20 Broad St., an office property whose main tenant is the New York Stock Exchange. The REIT did not identify the buyer; published reports have identified it as Metro Loft Management, which plans to convert the 27-story tower to residential use.
The New York Post reported Tuesday that IntercontinentalExchange Group, parent company of the NYSE, had decided to vacate 20 Broad and paid VNO $15 million to terminate its lease. The stock exchange's main trading facility is next door at 11 Wall St.
Metro Loft, which plans 500 luxury rentals, paid the REIT $185 million to acquire the property, the Post reported. VNO will realize $157 million in income from the sale, including the lease termination fee paid by ICE.
Separately, VNO said it had completed its $450-million financing of the retail condominium of the St. Regis Hotel and the adjacent retail town house at 697 Fifth Ave. A joint venture of VNO and partner Crown Acquisitions paid $700 million to acquire the St. Regis retail in 2014. VNO owns 74.3% of the JV; Crown owns the remainder.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
