June 24, 2020
Vornado Realty Trust said Tuesday it had initiated a process to explore options to recapitalize a Midtown Manhattan office tower and a three-building campus in San Francisco that it owns in partnership with President Donald Trump’s company.
The REIT said the recapitalization of the 2.1-million-square-foot 1290 Ave. of the Americas in Manhattan and the 1.8-million-square-foot 555 California St. in San Francisco could be done together or separately. Vornado owns a 70% controlling interest on both properties, with Trump owning the remaining 30%.
Cushman & Wakefield is the exclusive agent for 1290 Sixth Ave. and Eastdil Secured is the exclusive agent for 555 California. Vornado said there could be no assurance that a transaction will be completed.
In an SEC filing earlier this year, Vornado said it had $550 million of debt coming due in December and $950 million of debt on 1290 Sixth Ave. due to mature in 2022.
Pictured: 1290 Ave. of the Americas. Photo credit: Frederick Charles.
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