Vornado Realty Trust is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's.

Chairman/CEO- Steven Roth

President and Trustee- Michael Fascitelli

History

On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease. Silverstein Properties was outbid by $50 million by Vornado. However, Vornado later withdrew and Silverstein's bid for the lease to the World Trade Center was accepted on July 24 2001.

Vornado, which announced plans to buy the Manhattan Mall in Herald Square in November 2006, is also part of the development team picked by New York state to turn the James Farley Post Office into an extension of Penn Station. Though the Farley conversion is now stalled, Vornado and its partner, The Related Companies, are also pushing a much larger project. It would tack a new Madison Square Garden on the Ninth Avenue end of the post office complex and replace the existing arena with office towers and a new Penn Station.

In 1996 Vornado Chairman Steven Roth lured then current Goldman Sachs President Michael Fascitelli to Vornado with a lucrative 50 million dollar offer.

Major holdings

• Alexander's (32.8%)
• Merchandise Mart (100%)
• Charles E. Smith Commercial Realty (100%)
• Toys "R" Us (32.9%)

Divisions

Vornado Realty Trust controls over $20 billion in assets, including $12.7 billion in real estate net of depreciation and amortization, $2.8 billion in cash, and $1.5 billion of investments as of 3Q07 These holdings are divided into the following divisions:

New York Office

Washington D.C. Office

Malls

New York City Retail

New York State Retail and Strip Malls

Merchandise Mart

• Chicago, Il

- The Merchandise Mart
- Kitchen & Bath Design Center
- 350 West Mart Center/Chicago Apparel Center

• High Point, NC

- High Point Market
- Suites at Market Square
- Plaza Suites

• Washington, D.C.

- The Washington Design Center
- Kitchen & Bath Design Center

• New York City

- Architects & Design Building
- 7W New York
- Kitchen & Bath Design Center

• Los Angeles, CA

- L.A. Mart

References

External links

• Vornado Realty Trust