Vornado to Sell 1750 Pennsylvania Avenue in Washington, DC for $182 Million - Land.Net News
August 25, 2015
VORNADO REALTY TRUST (NYSE: VNO) announced today that it has entered into an agreement to sell 1750 Pennsylvania Avenue, NW, a 278,000 square foot office building in Washington, DC. The sale price is approximately $182 million and will result in a financial statement gain of approximately $102 million. The tax gain will be deferred as part of a like-kind exchange.
The sale which is subject to customary closing conditions, is expected to be completed in the third quarter of 2015.