Land Under Vornado Realty Trust’s 909 Third Avenue Sells for $192M
By Nicholas Rizzi June 22, 2021 2:38 pm
reprints
The land underneath Vornado Realty Trust’s office tower at 909 Third Avenue sold for $192 million, property records show.
The 601W Companies sold the fee interest at 909 Third to an entity tied to Colonnade Management — which is led by Columbus Properties CEO John DiMurro — in a deal that closed earlier this month, but was made public on Monday, The Real Deal first reported.
DiMurro and representatives from 601W did not immediately respond to a request for comment.
Vornado first signed a ground lease for the property in 1999 and currently pays a fixed rent of $1.6 million that ends in 2063, as Commercial Observer previously reported. The 32-story Midtown East tower is 97.9 percent leased to 15 tenants, including to global marketing collective IPG DXTRA. 601W bought the fee interest for the land in 2004 for $51 million, property records show.
The fee interest sale is the latest large deal that 601W made around Manhattan in recent months. In December, 601W bought the Amazon-anchored office building at 410 Tenth Avenue from SL Green Realty Corp. for $953 million, heralded as one of the largest office sales in the country during the coronavirus pandemic, and secured a $705 million commercial mortgage-backed securities loan for the purchase.
