Jun
06
Vornado Sells Stake in $560M NYC Office Tower
ByThe sovereign wealth fund Korea Post now owns a 47 percent interest in the 12-story Manhattan property.
7 W. 34th St. in Manhattan, New York
New York–Sixteen years after acquiring Manhattan’s 7 W. 34th St., Vornado Realty Trust has sold a 47 percent interest in the office and retail tower. The REIT’s new co-owner is sovereign wealth fund Korea Post, which made the acquisition throughCBRE Global Investors’ U.S. Managed Accounts Group in a deal valuing the Midtown South property at approximately $561 million.
The transaction comes on the heels of Vornado’s completion of a $300 million recourse financing of the asset in the form of a 10-year, interest-only loan. The REIT, which will continue to hold the majority stake in the building, had been the sole owner of 7 W. 34th since grabbing the 12-story property for roughly $128 million in 2000…
