US real estate investment trust Vornado Realty Trust is acquiring the 623 Fifth Avenue office building in New York from Cohen Brothers Realty Corporation for $218m (€187m).
Vornado Realty said it has agreed to acquire the 36-storey building situated between Madison and Fifth Avenues.
The building is currently 75% vacant, and Vornado plans to “reposition and redevelop it into a premier, best-in-class”, boutique office building.
“The fully transformed 623 Fifth Avenue building will complement Vornado’s nearby Plaza District and Park Avenue holdings of 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 640 Fifth Avenue, 689 Fifth Avenue and 1290 Avenue of the Americas,” Vornado said.
Vornado expects to complete the redevelopment for delivery to tenants in 2027.
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