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350 W MART CENTER TO SELL SOON

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350 W MART CENTER  TO SELL SOON
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.
 
350 W MART CENTER  TO SELL SOON
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.