Vornado Realty Trust is a real estate investment trust set up in Maryland, with its main office in New York City. The company invests in office buildings and street retail in Manhattan.
Video Vornado Realty Trust
Investment
Important properties wholly owned by the company include the following:
- 731 Lexington Avenue
- One Penn Plaza
- Rego Center
- Hotel Pennsylvania
The company also has:
- 100% Oakdale Mall in Johnson City, New York
- 70% of 555 California Street (30% owned by affiliate of Donald Trump)
- 100% Merchandise Mart
- 32.4% of Alexander
- 32.5% of Toys "R" Us
- ~ 43-47% of 666 Fifth Avenue (~ 53-57% owned by Kushner Company)
Maps Vornado Realty Trust
History
Two Guys
The company's origins can be traced back to the Two Person discount store chain, founded in 1947 by Sidney and Herbert Hubschman brothers. In 1959, Two Guys acquired O. A. Sutton Corporation, a manufacturer of Vornado electric fan lines, and the company was renamed Vornado Inc.
In 1964, the company operated more than 200 stores. In the 1970s, Vornado began divesting its retail operations. In 1978, the company sold 80 locations of Two Guys in California.
In 1980, Interstate Properties Inc., a real estate developer controlled by Steven Roth, acquired an 18% stake in Vornado, as Roth became interested in real estate ownership of the company. In 1981, Interstate Properties took over the company after winning a proxy fight against existing management and closing down additional stores, reducing the number of stores operating up to 12.
In 1986, Interstate Properties and Donald Trump each bought about 20% of Alexander's, a failed retailer whose real estate holdings included a store that occupies the entire block between the 58th and 59th streets of East and Lexington and Third Avenues in Manhattan.
In 1988, they each staked their shares up to 27% of the company, but Trump expressed interest in securing personal loans from Citicorp and in 1991, Trump was forced to give up its ownership to Citibank.
In 1992, Roth and Alexander's creditors forced Alexander into bankruptcy.
Alexander emerged from bankruptcy in 1993 as a trust of real estate investing. That same year, Vornado Inc. converted into REIT, Vornado Realty Trust. In 1995, Vornado bought Citicorp flowers at Alexander.
Vornado Air (1989) license agreement
In 1989, the name Vornado was licensed to Vornado Air, LLC, a new company set up to manufacture heating and cooling equipment. Outside the brand licensing agreement, the Trust has no modern relationship with Vornado Air, LLC.
Acquisition of property from Bernard H. Mendik (1997)
In April 1997, the company acquired a company owned by Bernard H. Mendik in a $ 654 million stock transaction that added a large portfolio of office buildings in Manhattan to Vornado's assets. Mendik became Vornado's deputy chairman until his resignation in October 1998.
World Trade Center rentals (2001)
On February 15, 2001, the Port Authority announced that Vornado Realty Trust won a tender for a 99-year lease for the World Trade Center, offering $ 3.25 billion. Silverstein Properties was defeated by $ 30 million by Vornado. However, Vornado rejected the lease terms and possible tax liabilities. Silverstein signed a lease for the World Trade Center in April 2001, 5 months before the September 11 attacks.
2001-present
In 2001, the company acquired Charles E. Smith Commercial Realty, owner of an asset portfolio primarily in Arlington, Virginia, in a $ 1.58 billion transaction. Robert H. Smith and Robert P. Kogod were added to the board of directors of Vornado.
In 2005, the company bought a 32.5% stake in Toys "R" Us.
In 2013, Steven Roth succeeded Michael D. Fascitelli as CEO of Vornado. Fascitelli has been CEO since 2009.
In 2015, the company took off its interest in Urban Edge Properties to its shareholders.
In 2017, the company incorporated a subsidiary Charles E. Smith Company into a JBG Company, forming JBG Smith.
On September 18, 2017, Toys "R" Us, Inc. filed for Chapter 11 bankruptcy, stating the move would provide the flexibility to handle $ 5 billion in long-term debt, borrowing $ 2 billion so as to pay suppliers for the upcoming holiday season and invest in improving current operations.
References
External links
Source of the article : Wikipedia
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