350 W MART CENTER TO SELL SOON
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|Vornado Realty Trust announced last night that it had entered into an agreement to sell the former Apparel Center building, just west of the Merchandise Mart, for $228M.|
|Vornado successfully converted the center into an office building (the Sun-Times leases there), with the top floors occupied by the Holiday Inn Mart Center. A source has confirmed that Shorenstein is the buyer and the building is set to close next month. Vornado is also selling a portfolio of four retail/mixed-use properties in Manhattan, resulting in a net gain of $55M. The sales are expected to close in Q1 2012.|