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Vornado has been slimming down for years, and now it’s eyeing the next appendage to go—the firm’s DC assets.
Vornado chairman and CEO Steven Roth recently mentioned the possibility that the firm will spin off its DC offices and apartments—worth an estimated $6B—into a separate company, the Wall Street Journal reports. It looks like this will be the firm’s next move to de-conglomerate, a new trend in corporate America that values specialization over broad investments.
Vornado is no stranger to this. The firm has sold off more than $4.7B of property and businesses in recent years, and last year it spun off its strip mall business into the $3.7B company Urban Edge Properties. Vornado is still estimated to be worth over $30B. [WSJ]
