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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]
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