Vornado Realty Trust’s operating partnership has priced a $500 million offering of 5.75% senior unsecured notes due February 1, 2033, at 99.824% of face value, implying a 5.78% yield. Interest will be paid semiannually on February 1 and August 1, beginning August 1, 2026. Net proceeds of approximately $494 million will retire $400 million of unsecured notes maturing June 1, 2026; the remaining $94 million will fund general corporate purposes. Pending maturity of the 2026 notes, proceeds may be held in cash, cash equivalents or other liquid investments. Joint book-running managers include BofA Securities, PNC Capital Markets, U.S. Bancorp Investments and Wells Fargo Securities, among others. The transaction, registered under a shelf registration filed April 1, 2024, is expected to close January 14, 2026, subject to customary conditions.

Vornado closed on the acquisition of a demolition-ready development site at 3 East 54th Street in Manhattan’s Plaza District for $141 million. The 18,400-square-foot parcel, located between Fifth and Madison Avenues near the St. Regis Hotel, is zoned for approximately 232,500 buildable square feet. Vornado credited a $107 million outstanding mortgage balance toward the purchase price, effectively reducing its cash outlay to $34 million. This strategic purchase complements the company’s existing holdings along Park Avenue and in the surrounding Plaza District, positioning Vornado to capitalize on future high-rise residential or mixed-use development opportunities in a prime Midtown location.