VNO Stock Recent News

VNO's JV locks in a $675 million refinancing for Manhattan's Independence Plaza at a higher fixed rate of 5.84% through June 2030.

NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 50.1% owned joint venture has completed a $675 million refinancing of Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan. The five-year interest only loan matures in June 2030 and has a fixed rate of 5.84%. This loan replaces the prior $675 million loan that bore interest at 4.25% and was scheduled to mature in July 2025.

VNO is well-poised to benefit from its premium assets in select high-rent markets and portfolio-repositioning efforts, despite choppiness in the office real estate market.

Vornado (VNO) reported earnings 30 days ago. What's next for the stock?

Office buildings are experiencing accelerating bifurcation; quality assets in strong markets are outperforming as obsolete buildings face decline or conversion. We capitalized on deeply discounted valuations in 2023-24, notably with HIW, which delivered a +43% total return in 2024. Current leasing momentum, generationally low supply, and return-to-office trends support positive earnings growth for high-quality office REITs.

Tenants' healthy demand for premier office spaces and portfolio-repositioning initiatives is well-poised to support VNO's performance.

We expect significant rate cuts over the coming year. This should serve as a strong catalyst for REITs. Some will benefit more than others. We highlight three big winners.

VNO's JV selling of 512 West 22nd Street for $205 million represents a significant transaction within the New York real estate market.

NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 55% owned joint venture has entered into an agreement to sell 512 West 22nd Street, a 173,000 square foot Class A office building, for $205 million. The sale is expected to close in the third quarter of 2025 and is subject to customary closing conditions.

The New York office leasing market showed strong momentum in the first quarter, with the highest quarterly volume since 2014. The availability of Class A office space is shrinking, with 13 million square feet of office-to-residential conversions underway and new office supply truncated. VNO's fiscal 2025 first quarter revenue and FFO beat consensus estimates, as occupancy dipped to 83.5% following PENN 2 being placed into service.