Michael Fascitelli steps down as Vornado CEO

Firm also announces record retail deal at 1540 Broadway

New York /
Feb.February 27, 2013 11:30 AM

Office and retail landlord Vornado Realty Trust announced this morning that CEO Michael Fascitelli is leaving the firm. He will be replaced by Chairman Steven Roth. Also, Vornado signed a lease with Sunglass Hut for the corner space in 1540 Broadway, at the corner of 45th Street.

Fascitelli joined the Manhattan-based trust in 1997 and was tapped as its chief executive in 2009; he will step down April 17, Vornado said. Roth indicated he will take over the CEO job only temporarily.

“We will focus hard on a succession plan,” Roth said during the firm’s fourth quarter 2012 earnings call this morning.

The Sunglass Hut deal, according to the trust, is a record for the Times Square submarket; the sunglasses retailer will take most of the area that Microsoft had leased as a holiday pop-up store. The size of the space was not immediately available, but price per square foot is for $2,025.

“We have just completed a new lease with Sunglass Hut for the majority of this [Microsoft] space at a net rent of $2,025 per square foot, a record in this submarket,” David Greenbaum, president of the New York office division, said during the call.

Greenbaum added that Sunglass Hut also signed a separate lease for signage above the store.


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Vornado's Steve Roth and a rendering of 93-30 93rd Street (Getty, JLL)
Vornado looks to sell Rego Park development site for $85M
Vornado looks to sell Rego Park development site for $85M
909 Third Avenue and Vornado's Steven Roth (Google Maps, VNO)
601W sells dirt under Vornado’s 909 Third Ave for $192M
601W sells dirt under Vornado’s 909 Third Ave for $192M
555 California Street with Steve Roth and Donald Trump (VNO, Getty/Patrick McMullan, Getty)
What tenants pay at Vornado and Trump’s 555 California Street
What tenants pay at Vornado and Trump’s 555 California Street
Vornado’s Steve Roth with Penn1, Penn 2 and the Farley Building (Getty, VNO)
Vornado’s Roth “disappointed” in lack of distress as market shows signs of recovery
Vornado’s Roth “disappointed” in lack of distress as market shows signs of recovery
Jamie Dimon, Steve Roth, Donald Trump and 555 California St. (Trump, Getty)
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado lines up $1.2B refi of SF tower co-owned with Trump
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...