FIDi Office Building Hits Sales Market
Vornado Realty has introduced the sale offering on the 29-story, 250,000-square-foot office building at 40 Fulton Street. The REIT is seeking to fetch between $130 million and $140 million, or $520 to $560 per square foot, for the property located on the corner of Pearl Street. Decisions to sell come at a time when Vornado is trimming the “outdated portions” of its portfolio, with plans to sell $750 million worth of property this year as workers continue to remain reluctant to return to their offices, and instead focusing investment on renovating and developing office buildings in up-and-coming areas like Penn Station.