Vornado Realty Trust has entered into an agreement to sell 350 West Mart Center, a 1.2-million-sq.-ft. office building located in Chicago, that is part of Vornado’s Mart segment. The property is a former apparel mart that Vornado converted into a modern office building. The sale price is approximately $228 million.
Separately, Vornado has entered into an agreement to sell four small retail/mixed-use properties in Manhattan. The sale price is approximately $78 million.
In total, the two sale transactions will result in gross proceeds of approximately $306 million, net cash proceeds of approximately $290 million and a net gain of approximately $55 million. The sales are subject to customary closing conditions and, although there can be no assurances that the sales will be consummated, it is expected that the closings will occur by first quarter 2012.