Vornado Acquires the Warner Building in Washington D.C.
PARAMUS, N.J.--(BUSINESS WIRE)--Dec. 27, 2005--VORNADO REALTY TRUST (New York Stock Exchange: VNO) today announced that it has acquired the 95% interest, that it does not already own, in the Warner Building, a 560,000 square foot class A office building located at 1299 Pennsylvania Avenue three blocks from the White House. The purchase price is approximately $319 million, consisting of $170 million in cash and the assumption of an existing mortgage of $136 million and other debt of $13 million. The mortgage bears interest at 7.8% and is due in May 2010. The building is currently 93% leased.
The real estate is located in the Washington D.C. metropolitan area where the Company has a 15.9 million square foot office portfolio.
Vornado Realty Trust is a fully integrated equity real estate investment trust.
Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.
CONTACT: Vornado Realty Trust Joseph Macnow, 201-587-1000 SOURCE: Vornado Realty Trust