Vornado Acquires a 58.75% Interest in Independence Plaza in Tribeca

VORNADO REALTY TRUST

announced today that it has acquired a 58.75% interest in Independence Plaza, a 1,328 unit residential complex in the Tribeca submarket of Manhattan which has 54,500 square feet of retail space and 550 parking spaces. As a first step toward this transaction, in 2011, Vornado acquired a 51% interest in the subordinated debt of Independence Plaza for $45 million and a warrant to purchase 25% of the equity for $1 million. The current transaction values the property at $844.8 million; the property is currently encumbered by a $329.2 million mortgage. Vornado acquired its 58.75% interest in the property as follows: (i) buying one of the equity partners 33.75% interest for $160 million, (ii) exercising its warrant