Vornado Refinances 100 West 33rd Street for $325M Realizing $87M of Net Proceeds

Vornado VNO announced today that it has completed a $325 million refinancing of 100 West 33rd Street, a 1.1 million square foot property located on the entire Sixth Avenue block front between 32nd and 33rd Streets in Manhattan. The building contains the 243,000 square foot Manhattan Mall and 847,000 square feet of office space. The loan bears interest at LIBOR plus 2.50%, today 2.74%, and matures in March 2015 with two one-year extension options. The Company realized net proceeds of approximately $87 million after repaying the existing loan on the property and closing costs.