Vornado Announces 20.1% Stake in JV which Acquired 650 Madison Avenue
VORNADO REALTY TRUST (NYSE: VNO) announced today that a joint venture, in
which it has a co-controlling 20.1% interest, acquired 650 Madison
Avenue, a 27-story, 594,000 square foot Class A office tower located on
the full western blockfront of Madison Avenue between 59th and 60th
Street. The property contains 523,000 square feet of office space and
71,000 square feet of retail space. The office space is the world
headquarters for Polo Ralph Lauren, which occupies 274,000 square feet.
The retail space is primarily leased to Crate & Barrel for its flagship
Manhattan store (61,400 square feet) and to Tod's, a shoe and leather
goods specialty store (7,900 square feet).
The purchase price for the property is $1.295 billion which is being