Vornado Sells 1999 K Street

Vornado Realty Trust (NYSE:VNO) today announced that it has sold 1999 K Street, a newly developed 250,000 square foot office building, in Washington’s Central Business District to an international investor. The building was designed by Helmut Jahn and achieved LEED-CS Gold certification. The $207.8 million sales price is $830 per square foot and is a first-year cash cap rate of 6.3%. Vornado realized a net gain of approximately $41 million and received net proceeds of approximately $90 million after repaying the existing construction loan and costs. The building is 100% pre-leased to the law firm of Mayer Brown LLC. Vornado will manage the property on behalf of the new owner.

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

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