Vornado Prices $500M 5.75% Senior Notes Due 2033 at 99.824%
Vornado Realty Trust priced a $500 million offering of 5.75% senior unsecured notes due February 1, 2033 at 99.824% of par, yielding 5.78%. Net proceeds of approximately $494 million will repay $400 million of unsecured notes due June 1, 2026, with the balance allocated to general corporate purposes.
1. Vornado Prices $500 Million of 7-Year Senior Unsecured Notes
On January 7, 2026, Vornado Realty L.P. successfully priced a $500 million offering of 5.75% senior unsecured notes due February 1, 2033, at 99.824% of par to yield 5.78%. Interest will be paid semiannually beginning August 1, 2026. Net proceeds of approximately $494 million will retire $400 million of unsecured notes maturing June 1, 2026, with the balance earmarked for general corporate purposes. Prior to redemption of the 2026 notes, proceeds may be held in cash, cash equivalents or other liquid marketable investments. The transaction, managed by a syndicate led by BofA Securities, PNC Capital Markets and U.S. Bancorp Investments, is expected to close on January 14, 2026, subject to standard closing conditions.
2. Vornado Acquires 3 East 54th Street Development Site for $141 Million
Vornado Realty Trust expanded its Manhattan footprint with the January 2026 acquisition of 3 East 54th Street in the Plaza District for $141 million. The demolition-ready, 18,400 square-foot site sits between Fifth and Madison Avenues, adjacent to the St. Regis Hotel, and is zoned for roughly 232,500 buildable square feet. Vornado had previously acquired the property’s mortgage during 2024–2025 and applied the $107 million loan balance toward the purchase price. This strategic purchase complements the trust’s existing holdings along Park Avenue and within the Plaza District, positioning Vornado for future residential or mixed-use development in one of Manhattan’s most coveted corridors.