June 12, 2019 Comments (0) Views: 82 Midtown New York, New York News

Vornado Sells Its Minority Stake in 330 Madison

Vornado Realty Trust has reportedly agreed to sell its 25% stake in 330 Madison Ave., for net proceeds of about $100 million. The REIT didn’t identify the prospective buyer for its minority ownership of the 846,000-square-foot office tower. However, Bloomberg reported that the buyer was the property’s majority owner, the Abu Dhabi Investment Authority (ADIA).

In January, the New York Post reported that ADIA was marketing its 75% stake in 330 Madison at pricing expected to approach $1 billion. CBRE’s Darcy Stacom and William Shanahan were marketing the stake on behalf of the sovereign wealth fund, the Post reported.

At the time, it was expected that Vornado would retain its stake. It had refinanced 330 Madison in 2017 with a seven-year, $500 million fixed-rate mortgage, according to the Post. The property overall was valued at $850 million in 2017.

According to Vornado, the current valuation of 330 Madison is $900 million.

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