Vornado Contemplates Spinoff of Washington Office and Retail

courtesy of Vornado Realty

In his annual letter to shareholders, Vornado chairman Steven Roth announced the company's considering spinning off its Washington office and street retail operations. This comes after departures of DOD tenants continue to hurt earnings. For the past three years, Vornado has been selling businesses and properties outside its core strengths, Bloomberg Business reports. Just this January the company spun most of its shopping centers into a REIT, Urban Edge Properties. The chairman makes it clear the company's considering other options, including inviting in new investors. Vornado has 16.1M SF of office space in DC, including 7.4M  SF in Crystal City. [Bloomberg]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

Loudoun County Moves To Pause Data Center Applications For 12 Months

Why Top-Secret Facilities Are Permeating Greater D.C.'s Office Market

DivcoWest Sells Glendale Office Building For $70M

Hines And Rialto Close Office Credit Fund At $1.1B

Rig Collapse At Citadel HQ Site Sends 4 To Hospital

Northern Virginia Office Tower Sells For Double Its 2024 Price

Design Plans Revealed For RFK Stadium Parking Garages, Headed To Review

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

Fertility Provider Opens Clinic At 1900 Lawrence Office Tower: The Denver Deal Sheet

Office Revenues Are Failing To Keep Pace With Expenses

Security Tech Firm Plans Loudoun HQ Move: The D.C. Deal Sheet

Stephen Ross Expands Palm Beach Empire With Massive Boca Raton Campus