Tuesday, October 30, 2012

Vornado Trimming Portfolio In Northern VA and Philadelphia

Vornado Realty Trust has struck a pair of deals to sell four office buildings to a pair of buyers for a total of $186 million. 

The REIT agreed to sell three office buildings in northern Virginia's Fairfax County for $126 million. The three-building Reston Executive Center on Sunset Hills Road totals 495,762 square feet. 

Vornado also entered into an agreement to sell an office building that is part of the Gallery at Market East in downtown Philadelphia for approximately $60 million. 

The pair of buyers were not disclosed. 

The two transactions will result in total net proceeds of approximately $89 million after repaying an existing loan and closing costs and a gain of approximately $70 million. Both deals are expected to be completed in the fourth quarter of 2012. 


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