Vornado Announces Agreement to Sell 400 North LaSalle Residential Tower
PARAMUS, N.J.--(BUSINESS WIRE)--April 5, 2005--Vornado Realty Trust (NYSE:VNO) today announced that its 85% owned joint venture has entered into an agreement to sell the recently completed 400 North LaSalle project, a 452 unit high-rise residential tower in Chicago, Illinois, for approximately $126 million. Vornado's share of the proceeds will be approximately $107 million, resulting in a gain on sale, after closing costs of approximately $30 million. The sale of the residential tower does not include the adjacent garage, which provides additional parking for the Merchandise Mart complex.
The sale, which is subject to customary closing conditions, is expected to be completed in the second quarter of this year.
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