Vornado Realty Trust
VNO-PM
New York Stock Exchange18.02
USD
+0.07
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Vornado Realty Trust
VNO-PM
(New York Stock Exchange)
Recent
price
18.02
P/E
ratio
- -
div
yld
- -
ROIC.AI
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- Business
- Vornado Realty Trust (NYSE: VNO), a fully integrated real estate investment trust headquartered in New York, New York, and formed in 1982, owns, manages, develops and redevelops premier office, street retail and related real estate assets primarily in New York City, with additional premier properties in Chicago and San Francisco. The company owns approximately 20.1 million square feet of office space across 30 Manhattan properties; 2.4 million square feet of street retail space in 49 Manhattan properties; 1,330 residential units in two Manhattan properties; the 3.7 million square foot Mart in Chicago; a 70 percent controlling interest in the 1.8 million square foot 555 California Street office campus in San Francisco; and a 32.4 percent interest in Alexander's, Inc. (NYSE: ALX), which owns five properties in the New York metropolitan area including the 1.1 million square foot Bloomberg L.P. headquarters at 731 Lexington Avenue. Through its wholly owned subsidiary BMS, Vornado provides engineering, janitorial, security and architectural maintenance services to its portfolio and third-party clients; the company also offers energy management, tenant services via web-based tools for maintenance and after-hours HVAC, and construction management oversight for tenant build-outs and building alterations. Vornado concentrates on high-profile developments and redevelopments such as the Penn District campus surrounding Pennsylvania Station encompassing 9 million square feet across over a dozen buildings and sites; PENN 1 and PENN 2 with WorkLife amenities, outdoor terraces, fitness centers and curated dining; the Farley Building adaptive reuse into 740,000 square feet of creative office space and retail atop Moynihan Train Hall; and 770 Broadway, a 1.2 million square foot landmarked creative hub housing technology and media tenants including Meta. In sustainability, Vornado manages over 26 million square feet of LEED-certified buildings, holds more than 27 million square feet of LEED-certified properties with nearly 25 million at LEED Gold or higher, earned the Energy Star Partner of the Year Sustained Excellence Award in 2024, and received GRESB Green Star distinction for the 11th time through 2023. Recent developments include the September 2025 acquisition of the 383,000 square foot 623 Fifth Avenue office condominium for $218 million above Saks Fifth Avenue flagship store, slated for full redevelopment into a Class A boutique office by 2027 to complement Plaza District and Park Avenue holdings; the May 2025 master lease of 1,076,000 square feet at 770 Broadway to New York University for 70 years with a $935 million prepaid payment, retaining 92,000 square feet of retail leased to Wegmans and recording an $803 million sales-type lease gain; sales of 512 West 22nd Street office for $205 million in August 2025, portions of 666 Fifth Avenue retail condominium to UNIQLO for $350 million in January 2025, 49 West 57th Street commercial condominium in June 2025, two 220 Central Park South units and six Canal Street residential condominiums during 2025; refinancing of PENN 11 with a $450 million loan at 6.35 percent in July 2025, 4 Union Square South with $120 million at 5.64 percent in August 2025, and Independence Plaza residential with $675 million at 5.84 percent in June 2025; and a sustainability margin adjustment in April 2025 reducing interest rates on unsecured facilities.