Press Release

Print Press Release

Contact:

Joseph Macnow

Work(201) 587-1000

January 3, 2012

Vornado Refinances Eleven Penn Plaza for $330 Million Realizing $126 Million of Net Proceeds

PARAMUS, NEW JERSEY.......VORNADO REALTY TRUST (NYSE:VNO) announced that on December 28, 2011 it completed a $330 million refinancing of Eleven Penn Plaza, a 1.1 million square foot Manhattan office building. The seven-year loan bears interest at LIBOR plus 2.35%, today 2.64%. The loan amortizes based on a 30 year schedule beginning in the fourth year. The Company realized net proceeds of approximately $126 million after repaying the existing loan on the property and closing costs.

Vornado Realty Trust is a fully integrated equity real estate investment trust.

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

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