 | |
| Company type | Public |
|---|---|
| Industry | Real estate investment trust |
| Founded | 1982; 43 years ago (1982) inMaryland, U.S. |
| Headquarters | , U.S. |
Key people | Steven Roth (chairman &CEO) Michael J. Franco (CFO) |
| Products | Office buildings |
| Revenue |  US$1.79 billion (2024) |
| US$20.1 million (2024) | |
| Total assets | US$16.0 billion (2024) |
| Total equity | US$5.34 billion (2024) |
Number of employees | 2,996 (2024) |
| Website | vno |
| Footnotes / references [1] | |
Vornado Realty Trust is an Americanreal estate investment trust formed inMaryland in 1982, with its primary office inNew York City. The company invests in office buildings and street retail in Manhattan.
The origins of the company can be traced back to theTwo Guys discount store chain, founded in 1947 by brothers Sidney and Herbert Hubschman.[2] In 1959,Two Guys acquiredO. A. Sutton Corporation, manufacturers of the Vornado line of electric fans, and the company was subsequently renamed Vornado Inc.[2]
By 1964, the company operated over 200 stores.[3] In the 1970s, Vornado began divesting its retail operations. In 1978, the company sold 80 Two Guys locations in California.[2]
In 1980, Interstate Properties Inc., areal estate development company controlled bySteven Roth, acquired an 18% stake in Vornado, since Roth became interested in the company's real estate holdings.[2] In 1981, Interstate Properties took control of the firm after winning aproxy struggle against existing management and closed additional stores, reducing the number of stores in operation to 12.[4][5]
In 1986, Interstate Properties andDonald Trump each bought approximately 20% ofAlexander's, a failing retailer whose real estate holdings included a store that occupied the entire block betweenEast 58th and 59th streets and Lexington andThird Avenues inManhattan.[6]
In 1988, they each raised their stakes to 27% of the company, but Trump pledged his interest as collateral for a personal loan fromCiticorp and in 1991, Trump was forced to turn over his holdings to Citibank.[7]
In 1992, Roth and Alexander's creditors forced Alexander's into bankruptcy.[8]
Alexander's emerged from bankruptcy in 1993 as areal estate investment trust. That same year, Vornado Inc. was converted into aREIT, Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.[9]
In 1989, the Vornado name waslicensed toVornado Air, LLC, a new company formed to manufacture heating and cooling equipment. Outside of the brand licensing agreement, the Trust has no modern relation to Vornado Air, LLC.[citation needed]
In April 1997, the company acquired a company owned byBernard H. Mendik in a $654 million stock transaction that added a large portfolio of office buildings in Manhattan to Vornado's assets. Mendik became co-chairman of Vornado until his resignation in October 1998.[10]
On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the bid for a 99-year lease for theWorld Trade Center, offering $3.25 billion.[11]Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities.[12] Silverstein signed a lease for the World Trade Center in April 2001,[13] 5 months before theSeptember 11 attacks.
In 2001, the company acquired Charles E. Smith Commercial Realty, owner of a portfolio of assets primarily inArlington, Virginia, in a $1.58 billion transaction.Robert H. Smith andRobert P. Kogod were added to the board of directors of Vornado.[14]
In 2005, the company bought a 32.5% interest inToys "R" Us.[15] Toys "R" Us filedbankruptcy in 2018 and the investment was written off.[16][17][18]
In 2013, Steven Roth replaced Michael D. Fascitelli asCEO of Vornado. Fascitelli had been CEO since 2009.[19]
In 2015, the company spun off its interest in Urban Edge Properties, a spinoff consisting of its former retail holdings outside Manhattan, to its shareholders.[20]
In 2017, the company merged its Charles E. Smith Companies subsidiary into the JBG Companies, formingJBG Smith.[21]
Notable properties owned by the company include:[1]
The company also owns: