Vornado acquires 49% interest in Park Avenue Plaza from Closer Properties

Vornado (VNO) Realty Trust announced that it has agreed to purchase a 49% interest in Park Avenue Plaza from Closer Properties at a gross asset valuation of $1.1B, or $950 per square foot, a significant discount to replacement cost. Park Avenue Plaza is a 45-story, 1.2M rentable square foot building located at 55 East 52nd Street. Fisher Brothers will retain its current 51% ownership interest and will continue to manage and lease the property. Vornado and Fisher Brothers will have joint control over major decisions.