Vornado Boosts Stake In One Park Avenue To 55%

(RTTNews) - Vornado Realty Trust (VNO) said Thursday that it has invested an additional $22.7 million to increase its ownership interest in One Park Avenue to 55% from 49.7% through a joint venture with the Canada Pension Plan Investment Board who will increase its existing ownership interest to 45%.

One Park Avenue is a 20-story, 941,000 square foot office building located on the full eastern block front of Park Avenue between 32nd and 33rd Streets in Midtown South.

The estimated value of the property is $560 million. The property is encumbered by a $250 million mortgage.