Vornado Disposes of Skyline Properties in Virginia
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The Skyline office complex in northern Virginia.
Falls Church, Va.–Vornado Realty Trust is officially done with the struggling 2.6 million-square-foot Skyline office complex in northern Virginia. The New York-based REIT let the eight-building property go into foreclosure because the income from the half-empty office buildings wasn’t covering the debt it owed.
This week, the REIT announced the final disposition by the receiver of the Fairfax County properties and said all assets, approximately $237 million, and liabilities of about $723 million related to the Skyline campus would be removed from its balance sheet. In the fourth quarter, Vornado will recognize a non-cash financial statement gain of approximately $486 million and no taxable income…
