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

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.

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