Vornado looks to sell towers co-owned with Trump

New York and San Fran office buildings account for ¼ of president’s fortune

TRD NATIONAL /
Jun.June 23, 2020 03:30 PM
Donald Trump and Vornado's Steve Roth with 555 California Street in San Francisco (left) and 1290 Sixth Avenue in New York (right)

Donald Trump and Vornado’s Steve Roth with 555 California Street in San Francisco (left) and 1290 Sixth Avenue in New York (right)

Vornado Realty Trust is considering selling a pair of office buildings it owns alongside President Donald Trump’s firm.

The real estate investment trust is looking at options to recapitalize 1290 Sixth Avenue in Manhattan and 555 California Street in San Francisco, Bloomberg reported. Vornado owns a 70 percent controlling interest in the properties.

The Trump Organization could also sell its stake in the office towers, the news outlet reported.

Representatives for Trump declined to comment to Bloomberg. The company’s 30 percent stake in both buildings has been described as passive. Tenants at the San Francisco tower include Goldman Sachs, KKR, Microsoft and McKinsey, while Neuberger Berman and State Street Bank are among those occupying the Manhattan building.

Trump’s stake in the properties could, however, complicate matters. Critics have long raised red flags about Trump maintaining his business interests while in office.

Trump’s stake was valued at $765 million after taking into consideration his portion of the debt on the properties, according to an assessment last year by Bloomberg’s Billionaires Index.

Trump had tapped Vornado CEO Steven Roth to serve on his infrastructure council in 2017 and, more recently, to sit on his economic recovery task force to help reopen the country post Covid-19. [Bloomberg] — Rich Bockmann

Contact Rich Bockmann at [email protected] or 908-415-5229.


Related Articles

arrow_forward_ios
Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory

Make Greenland Great Again? Trump wants to buy Arctic territory
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
Deutsche Bank CEO Christian Sewing and President Donald Trump (Sewing by Thomas Lohnes/Getty Images; Trump by Drew Angerer/Getty Images)

Deutsche Bank probed in Manhattan DA’s Trump Org investigation

Deutsche Bank probed in Manhattan DA’s Trump Org investigation
From left: Manhattan Mall at 100 West 33rd Street, Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Roth by Misha Friedman/Getty Images; Manhattan Mall via VNO; Farley Building via SOM)

Vornado may convert Midtown J.C. Penney space to last-mile facility

Vornado may convert Midtown J.C. Penney space to last-mile facility
President Donald Trump and Manhattan District Attorney Cyrus Vance (Trump by BRENDAN SMIALOWSKI/AFP via Getty Image; Vance by Kevin Hagen/Getty Images)

Trump Org may be focus of broader fraud investigation by Manhattan DA

Trump Org may be focus of broader fraud investigation by Manhattan DA
President Donald Trump (Photo by Doug Mills-Pool/Getty Images; iStock)

Trump says he is “going to stop” evictions

Trump says he is “going to stop” evictions
Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Farley gets Zucked: Facebook signs huge lease at Post Office redevelopment

Farley gets Zucked: Facebook signs huge lease at Post Office redevelopment
arrow_forward_ios

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

Loading...