PARAMUS, NEW JERSEY.......VORNADO REALTY TRUST (NYSE:VNO) announced today that it has entered into an agreement to sell three office buildings located in suburban Fairfax County, Virginia containing 494,000 square feet. The sales price is approximately $126 million.
Vornado has also entered into an agreement to sell a building on Market Street, Philadelphia which is part of the Gallery at Market East for approximately $60 million.
These two transactions will result in total net proceeds of approximately $89 million after repaying an existing loan and closing costs. The gain will be approximately $70 million. These sales, which are subject to customary closing conditions, are expected to be completed in the fourth quarter of 2012.
Vornado Realty Trust is a fully integrated equity real estate investment trust.