PARAMUS, NJ--(Marketwired - August 25, 2015) - VORNADO REALTY TRUST (NYSE: VNO) announced today that it has entered into an agreement to sell 1750 Pennsylvania Avenue, NW, a 278,000 square foot office building in Washington, DC. The sale price is approximately $182 million and will result in a financial statement gain of approximately $102 million. The tax gain will be deferred as part of a like-kind exchange.
The sale which is subject to customary closing conditions, is expected to be completed in the third quarter of 2015.
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.