Vornado Completes 1750 Pennsylvania Ave Sale for $182M
Vornado has announced the completion of the sale of 1750 Pennsylvania Ave NW, a 278k SF office building for $182M. The company will recognize financial statement gains of $102M in Q3 while deferring the tax gain as part of a like-kind exchange. The 13-story office building is just 250 yards away from the White House. It was completed in 1964 and underwent renovations in both 2000 and 2013 through 2014. The near fully leased building counts AOL Inc and the US Treasury among its tenants.