A 145K sf question mark: City pulls back $10M incentive for Aetna to move to Aurora and Vornado building

It's unclear what will happen with the space

TRD New York /
Jan.January 10, 2018 05:20 PM

From left: Mark Bertolini, 61 Ninth Avenue, Jared Epstein and Steve Roth (Credit: Aetna, Vornado and LinkedIn)

The city has rescinded the $9.6 million it offered Aetna to move its headquarters to Aurora Capital Associates and Vornado Realty Trust’s 61 Ninth Avenue because, according to officials, the relocation isn’t happening.

The city’s Economic Development Corp. canceled the incentives — which were part of a larger package with state funds that would’ve totaled $34 million over a decade — because the insurance giant isn’t moving to the Meatpacking District, Crain’s reported. The $24 million in tax breaks offered by the state hinged on the company meeting certain milestones.

Last year, Aetna agreed to lease the entire office portion of Aurora and Vornado’s 165,000-square-foot commercial building. Aetna planned to move 250 employees from its Hartford, Connecticut, headquarters to the Meatpacking building. But in December, the company was acquired by CVS, and Aetna executives said that all real estate would be evaluated as a result.

It’s unclear what Aetna will do with the Meatpacking space since the company already signed a lease for 145,000 square feet in the building. Asking rent for the space was $150 per square foot. [Crain’s] — Kathryn Brenzel 


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
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clipper Equity's David Bistricer (REIT)

David Bistricer’s Clipper Realty reports record Q2 profit

David Bistricer’s Clipper Realty reports record Q2 profit
Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Getty, iStock, SOM)

Vornado will install facial recognition tech in all its buildings

Vornado will install facial recognition tech in all its buildings
348 Court Street (Photo by Justin Heiman/Getty Images)

Collapses raise questions about safety-law exemption

Collapses raise questions about safety-law exemption
Cushman & Wakefield’s Brett White

Cushman & Wakefield reports $101M quarterly loss

Cushman & Wakefield reports $101M quarterly loss
arrow_forward_ios

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

Loading...