The Real Deal New York

Old Navy renews 78K sf lease on 34th Street. But the retailer won’t be staying long.

Vornado terminates renewal options, eyeing potential redevelopment in future
By Rich Bockmann | October 30, 2018 02:00PM

Steve Roth and 150 West 34th Street (Credit: Getty Images and Vornado)

Vornado Realty Trust renewed Old Navy’s large lease on 34th Street, but is keeping its options open for the property.

The real estate investment trust signed a renewal with the retailer for its 78,000 square feet at 150 West 34th Street, company executives announced on Vornado’s third-quarter earnings call Tuesday morning.

Vornado CEO Steve Roth said the short-term deal has a five-year term, and the landlord eliminated any further renewal options Old Navy had.

“This positions us to take advantage of rent growth as our transformation of the district proceeds, as well as maintaining our development options for the site,” he said.

Vornado bought the building for $355 million in 2015 from a partnership of Starwood Capital Group and Crown Acquisitions.