Vornado Announces Buyout of Canada Pension Plan’s Stake in One Park Avenue
Canada Pension Plan Investment Board (CPPIB) has agreed to sell its 45% interest in the 943,000-square-foot office building to Vornado Realty Trust. The transaction that is expected to close in the 3rd quarter of 2021 values One Park Avenue at $875 million. According to the REIT’s press release, approximately $158 million was paid the CPPIB in cash plus Vornado is assuming CPPIB’s share of the existing $525 million in debt encumbering the asset.