Vornado Realty Trust (NYSE: VNO) has announced its $218 million acquisition of the 623 Fifth Avenue office condominium in Midtown Manhattan.
The 36-story, 382,500-rentable-square-foot building is based directly above the flagship Saks Fifth Avenue department store and located across the street from Rockefeller Center and St. Patrick’s Cathedral. The building is currently 75% vacant and Vornado said it would reposition and redevelop it into a Class A boutique office building.
Vornado added the acquisition will close next month and the redevelopment will be completed for delivery to tenants in 2027.
This is the latest Midtown Manhattan property for Vornado, whose portfolio includes 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 640 Fifth Avenue, 689 Fifth Avenue and 1290 Avenue of the Americas.
