476 Views

Vornado Realty 

“Market Cap $18.62 B As of May 2014

At a Glance

  • Industry: Real Estate
  • Founded: 1982
  • Country: United States
  • CEO: Steven Roth
  • Website: www.vno.com
  • Employees: 4,369
  • Sales: $2.71 B
  • Headquarters: New York, New York

Forbes Lists

#1294 Global 2000

  • #1039 in Assets
  • #594 in Market value
Profile

Vornado Realty Trust is a real estate investment trust and conducts its business through Vornado Realty L.P., a Delaware limited partnership. The company owns office, retail, merchandise mart properties and other real estate and related investments. Its office properties include various building office complexes and Bank of America Center in San Francisco. The trust’s retail properties include shopping centers, regional malls single tenant retail assets. The trust’s other real estate and related investments include marketable securities and mezzanine loans or real estate. It operates through five business segments: New York Office Properties, Washington, DC Office Properties, Retail Properties, Merchandise Mart Properties and Toys R Us. The company was founded in 1982 and is headquartered in New York, NY.

“Vornado Realty History

On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease. Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities that Silverstein was willing to accept. Silverstein’s bid for the lease to the World Trade Center was accepted on July 24, 2001.

On May 14, 2009, Vornado issued a press release announcing that the board had voted to replace Roth with Fascitelli as CEO of the company. Roth will remain chairman of the board, and Fascitelli will be the President and CEO of the company.”

*Information from Forbes.com and Wikipedia.org

**Video published on YouTube by “DreyfussICG