1
                                                         Exhibit Index on Page 4

    As filed with the Securities and Exchange Commission on December 1, 1997

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)       NOVEMBER 18, 1997

Commission File Number:    1-11954

                              VORNADO REALTY TRUST
             (Exact name of registrant as specified in its charter)

                MARYLAND                                     22-1657560
(State or other jurisdiction of incorporation)            (I.R.S. Employer
                                                        Identification Number)

PARK 80 WEST, PLAZA II, SADDLE BROOK, NEW JERSEY                07663
    (Address of principal executive offices)                  (Zip Code)

                                  (201)587-1000
              (Registrant's telephone number, including area code)

                                       N/A

          (Former Name or Former Address, if Changed Since Last Report)

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Item 1.           Not Applicable.

Items 2-4.        Not Applicable.

Item 5.           Other Events.

                  On November 18, 1997, Vornado Realty Trust entered into an
agreement to acquire a 100% leasehold interest in One Penn Plaza, a 57 story
Manhattan office building, for approximately $410 million. The building contains
approximately 2,350,000 square feet and encompasses substantially the entire
square block bounded by 33rd Street, 34th Street, Seventh Avenue and Eighth
Avenue. The acquisition, which is expected to close by the end of the first
quarter of 1998, is subject to certain rights of first refusal and other
conditions; accordingly, there can be no assurance that the proposed transaction
ultimately will be completed.

                  On November 21, 1997, Vornado Realty Trust entered into an
agreement to acquire 150 East 58th Street, a 39 story Manhattan office building,
for approximately $118 million. The building contains approximately 550,000
square feet. The acquisition, which is subject to customary closing conditions,
is expected to be completed in the first quarter of 1998.

Item 6.           Not Applicable.

Item 7.           Financial Statements, Pro Forma Financial Information and
                  Exhibits.

         (a)(b)   Not Applicable.

         (c)      Exhibits.

         Exhibit No.                  Exhibit
         -----------                  -------
                        
           99.1            Press Release, dated November 18, 1997, of Vornado
                           Realty Trust, announcing an agreement to acquire One
                           Penn Plaza.

           99.2            Press Release, dated November 21, 1997, of Vornado
                           Realty Trust, announcing an agreement to acquire 150
                           East 58th Street.

Item 8.           Not Applicable.

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                              VORNADO REALTY TRUST

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                        VORNADO REALTY TRUST
                                            (Registrant)

Date:  November 26, 1997                   /s/ Joseph Macnow
                                            JOSEPH MACNOW
                                           Vice President,
                                       Chief Financial Officer

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                                                 INDEX TO EXHIBITS

Exhibit No.                        Exhibit                                Page
- -----------                        -------                                ----

      99.1             Press Release, dated November 18, 1997, of
                       Vornado Realty Trust, announcing an agreement
                       to acquire One Penn Plaza.                           5

      99.2             Press Release dated November 21, 1997, of
                       Vornado Realty Trust, announcing an agreement
                       to acquire 150 East 58th Street.                     6

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                                  EXHIBIT 99.1

                                                  VORNADO REALTY TRUST
                                                  Park 80 West, Plaza II
                                                  Saddle Brook, New Jersey 07663

FOR IMMEDIATE RELEASE - NOVEMBER 18, 1997

         SADDLE BROOK, NEW JERSEY.......VORNADO REALTY TRUST (NYSE:VNO)
today announced that it has entered into an agreement to acquire a 100%
leasehold interest in One Penn Plaza, a 57 story Manhattan office building, for
approximately $410 million. The building contains approximately 2,350,000 square
feet and encompasses substantially the entire square block bounded by 33rd
Street, 34th Street, Seventh Avenue and Eighth Avenue.

         The acquisition, which is expected to close by the end of the first
quarter of 1998, is subject to certain rights of first refusal and other
conditions; accordingly, there can be no assurance that the proposed transaction
ultimately will be completed.

         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.

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                                  EXHIBIT 99.2

                                                  VORNADO REALTY TRUST
                                                  Park 80 West, Plaza II
                                                  Saddle Brook, New Jersey 07663

FOR IMMEDIATE RELEASE - NOVEMBER 21, 1997

         SADDLE BROOK, NEW JERSEY.......VORNADO REALTY TRUST (NYSE:VNO)
today announced that it has entered into an agreement to acquire 150 East 58th
Street, a 39 story Manhattan office building, for approximately $118 million.
The building contains approximately 550,000 square feet.

         The acquisition, which is subject to customary closing conditions, is
expected to be completed in the first quarter of 1998.

         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.

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