Vornado acquires Washington, D.C. office building for $319 million

Office building is 3 blocks from White House

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Vornado, an equity real estate investment trust, spent about $319 million to completely own the Warner Building, a Washington, D.C. office building three blocks from the White House.   The company had already owned 5 percent interest in the 560,000-square-foot Class A office building at 1299 Pennsylvania Avenue. The purchase price was approximately $319 million, consisting of $170 million in cash and the assumption of an existing mortgage of $136 million and other debt of $13 million.   The office building is currently 93 percent leased. It is located in the Washington D.C. metropolitan area where the Company has a 15.9 million square foot office portfolio.  Vornado Realty Trust is a fully integrated equity real estate investment trust. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....