Vornado Acquires 623 Fifth Avenue Condominium Office for $218M

Group 1 - Vornado Realty Trust (VNO) has acquired the 623 Fifth Avenue office condominium for $218 million, which includes 382,500 rentable square feet and is currently 75% vacant [1][6] - The acquisition aligns with Vornado's strategy to expand its market share in the New York City office market, where office occupiers are looking to grow their footprints [2] - Vornado's portfolio consists of high-quality office properties in high-rent markets such as New York, Chicago, and San Francisco, benefiting from job growth and expansion in tech, financial, and media sectors [3] Group 2 - In 2024, Vornado completed 18 premium transactions in New York, totaling 1.36 million square feet, indicating strong demand in the office market [2] - Over the past six months, Vornado's shares have increased by 6.6%, contrasting with a 0.4% decline in the industry [3]