TrafficCourt
Vornado Sells Remaining Stake in Boston's Downtown Crossing

Vornado Sells Remaining Stake in Boston's Downtown Crossing

Bloomberg reports that Vornado Realty Trust has decided to part with its remaining stake in Boston's Downtown Crossing project, a development that has proved to be more than the REIT bargained for over the years. The project's new developer, Millennium Partners, has had better luck with the site, announcing a new office tenant as recently as this month.

Vornado received $45 million in net proceeds from the sale of its remaining 50 percent stake to Millennium, resulting in a net loss of $2 million.  

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish