Vornado Announces 20.1% Stake in JV which Acquired 650 Madison Avenue

VORNADO REALTY TRUST

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