REIT Vornado Realty Trust (VNO) announced Monday that it has entered into an agreement to purchase the 623 Fifth Avenue office condominium, a 36-story, 382,500 rentable square foot building situated above the flagship Saks Fifth Avenue department store, for $218 million.
The building is currently 75% vacant and Vornado intends to completely reposition and redevelop it into a premier, best-in-class, Class A boutique office building.
The fully transformed 623 Fifth Avenue building will complement Vornado's nearby Plaza District and Park Avenue holdings of 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 640 Fifth Avenue, 689 Fifth Avenue and 1290 Avenue of the Americas.
Vornado expects to close the acquisition in September 2025 and complete the redevelopment for delivery to tenants in 2027.
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