Vornado Realty Trust

VNO

Market cap $7.64B

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VNO's premium assets, strategic NYC focus and recent $218M acquisition are fueling its stock surge and growth momentum.

Vornado Realty Trust (NYSE:VNO ) BofA Securities 2025 Global Real Estate Conference September 10, 2025 1:30 PM EDT Company Participants Michael Franco - President & CFO Glen Weiss - Executive VP of Office Leasing & Co-Head of Real Estate Conference Call Participants Jana Galan - BofA Securities, Research Division Presentation Jana Galan Research Analyst Good afternoon. Welcome to Bank of America's 2025 Global Real Estate Conference.

VNO buys 623 Fifth Avenue for $218M, eyeing a full redevelopment to create a premier Class A boutique office building.

NEW YORK, Sept. 08, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that it has completed the previously announced acquisition of the 623 Fifth Avenue office condominium, a 36-story, 382,500 rentable square foot building situated above the flagship Saks Fifth Avenue department store, for $218 million. The building is currently 75% vacant and Vornado intends to completely reposition and redevelop it into a premier, best-in-class, Class A boutique office building.

Vornado (VNO) reported earnings 30 days ago. What's next for the stock?

Vornado Realty's Series O preferreds offer an attractive 7.5% yield from a portfolio of prime Manhattan office properties. Manhattan office occupancy is rising, with strong tenant demand and limited new supply set to support FFO and revenue growth. VNO generated double-digit GAAP leasing spreads in the second quarter. Pending Fed rate cuts and non-core asset sales are set to improve VNO's leverage profile and liquidity, enhancing the preferreds' appeal.

VNO is set to acquire 623 Fifth Avenue for $218M, aiming to redevelop it into a premier Class A boutique office building.

Vornado Realty Trust 623 Fifth Avenue

VNO secures $38M in net proceeds and expects an $11M gain from its sale of 512 West 22nd Street.