NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has agreed to purchase a 49% interest in Park Avenue Plaza from Closer Properties at a gross asset valuation of $1.1 billion ($950 per square foot), a significant discount to replacement cost. Park Avenue Plaza is a 45-story, 1.2 million rentable square foot building located at 55 East 52nd Street. The trophy, Class A office building, co-owned by Fisher Brothers, has protected Park Avenue views and occupies the full through-block between East 52nd and East 53rd Street. The property is located directly across 52nd Street from Vornado’s 350 Park Avenue development.
Park Avenue Plaza is 99% occupied by blue-chip tenants with an 11-year weighted-average lease term and substantially below-market rents. Vornado will acquire its interest subject to its share of the $575 million loan encumbering the property that bears interest at a fixed rate of 2.99% and matures in November 2031.
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.
Park Avenue Plaza will complement Vornado’s nearby Plaza District holdings of 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 623 Fifth Avenue, 640 Fifth Avenue, 689 Fifth Avenue, 3 East 54th Street and 1290 Avenue of the Americas.
Vornado expects to close the acquisition in the second quarter of 2026.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
CONTACT
Thomas J. Sanelli
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