Vornado Realty Trust is paying approximately $104 million for a 97.5 percent stake in 1399 New York Avenue, an office building in Washington, Bloomberg reports. The New York-based real estate investment trust already owns the balance stake in the building.
The deal is likely to be completed before the end of 2011. The asset is a class A trophy office building located near the White House. Vornado is one of the largest owners and managers of commercial real estate in the U.S. with a portfolio of more than 100 million square feet.
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