Vornado Realty Trust

What Vornado Realty Trust does

Vornado Realty Trust (NYSE: VNO) is a fully-integrated real estate investment trust founded in 1962 and headquartered at 888 Seventh Avenue in Manhattan. The company concentrates its holdings in two primary asset classes: premier New York City office properties (approximately 20 million square feet in Manhattan, plus 3.7 million square feet at THE MART in Chicago and 1.8 million square feet at 555 California Street in San Francisco) and Manhattan street retail (over 2.4 million square feet across Fifth Avenue, Madison Avenue, Times Square, Herald Square, Union Square, and SoHo). Vornado reports itself as the largest owner and manager of street retail in Manhattan and the largest owner of LEED-certified property in the United States, with more than 27 million square feet of LEED-certified assets.

Beyond its core office and street retail platforms, Vornado operates four additional asset verticals: urban and suburban marketplaces (Rego Center in Queens and Wayne Towne Center in New Jersey totaling nearly 2 million square feet), a residential portfolio of over 1,600 rental units plus luxury condominium developments including 220 Central Park South, advertising signage at Times Square and Penn District (including the world's largest 4K LED sign at 1535 Broadway), and Manhattan's first purpose-built film and television studio campus at Sunset Pier 94 (a 232,000 SF joint venture with Hudson Pacific Properties and Blackstone). The company also operates THE PENN DISTRICT, a 9 million square foot campus surrounding Penn Station that includes PENN 1, PENN 2, the Farley Building (Moynihan Train Hall), and the 350 Park Avenue development site.

Vornado generates revenue primarily through long-term recurring rental income from blue-chip corporate tenants (financial services, technology, media, professional services), premium retail brands (flagship stores in iconic Manhattan corridors), residential tenants, and advertising signage clients. The GTM model combines in-house leasing teams (including dedicated EVPs for Office Leasing and Retail) with exclusive broker relationships such as Newmark at Penn District. Notable tenants include Bloomberg L.P. (global HQ at 731 Lexington Avenue), NYU (70-year master lease at 770 Broadway with $935 million prepaid rent), Meta, Citadel, Amazon, Neuberger Berman, Robinhood, and Paramount Television Studios. With approximately $15.9 billion in total assets, $8.46 billion in total debt, a Ba1 Moody's rating, and $2.6 billion in liquidity as of Q1 2026, the company pursues a strategy of dominating submarkets through trophy asset ownership, large-scale redevelopment, and ESG-driven tenant retention.

Name

Vornado Realty Trust

Legal name

Vornado Realty Trust

Website

https://vno.com

Company type

Public

Founded year

1962

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Vornado Realty Trust is a publicly traded REIT that owns and operates nearly 20 million square feet of premier Manhattan office properties and over 2.4 million square feet of street retail, serving blue-chip corporate, retail, and residential tenants across New York City, Chicago, and San Francisco.

Ownership category

akta.pro rank

Product category

Commercial Real Estate (Office REIT)

NAICS

Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Lessors of Other Real Estate Property (53119), Rental and Leasing Services (532), Offices of Real Estate Agents and Brokers (5312)

SIC

Real Estate Investment Trusts (6798), Lessors Of Real Property, Nec (6519), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

REITs & Listed Real Estate Securities (FSAAAKAD)

akta.pro secondary industries

Capital Markets Advisory (Equity Placement, JV & Recapitalization) (BPAJABAL), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate
• Manhattan office leasing
• Street retail properties
• REIT investment trust
• Mixed-use development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others, Marketing or Sales

Revenue model

1. Office Lease Revenue: Rental income from office tenants across Manhattan, Chicago (THE MART), and San Francisco (555 California Street) properties. Leases typically run 10+ years with creditworthy corporate tenants.
2. Street Retail Lease Revenue: Rental income from street retail tenants in prime Manhattan locations including Fifth Avenue, Madison Avenue, Times Square, Herald Square/34th Street, and SoHo. Vornado is the largest owner and manager of street retail in Manhattan.
3. Residential Rental Revenue: Rental income from residential units including Independence Plaza properties in Manhattan and The Alexander at Rego Park in Queens.
4. Signage Revenue: Advertising signage revenue from Times Square and Penn District locations, including the world's largest 4K LED sign at 1535 Broadway spanning six stories high and 330 feet wide.
5. Marketplace Revenue: Revenue from Rego Center in Queens, NY and Wayne Towne Center in Wayne, NJ, aggregating over 1.6 million square feet of retail marketplace space.
6. Development and Construction: Development fees and proceeds from redevelopment projects including PENN 1, PENN 2, 350 Park Avenue, and other mixed-use developments.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Vornado Realty Trust is a publicly traded, fully-integrated Real Estate Investment Trust (REIT) that owns, operates, develops, and leases premier Class A office, Manhattan street retail, marketplace, residential, signage, and film studio properties concentrated in New York City. The company generates revenue primarily through long-term leases (typically 10+ years) with blue-chip corporate tenants, premium retail brands, residential renters, and advertising clients occupying its trophy asset portfolio of nearly 20 million square feet of office space, 2.4+ million square feet of street retail, nearly 2 million square feet of marketplaces, and over 2,000 residential units.

Product overview

Vornado Realty Trust is a fully-integrated Real Estate Investment Trust (REIT) that operates as a single unified real estate platform organized around five core property types: Office Portfolio (nearly 20 million square feet of premier Manhattan office space including Bloomberg HQ, PENN 1, PENN 2, and THE FARLEY BUILDING), Street Retail Portfolio (over 2.4 million square feet of Manhattan street retail on Fifth Avenue, Madison Avenue, Times Square, and Herald Square), Marketplaces (over 1.6 million square feet of retail in Queens and New Jersey including Rego Center and Wayne Towne Center), Residential Portfolio (luxury rentals and condominiums including 220 Central Park South), Studios (Sunset Pier 94 Studios, Manhattan's first purpose-built film studio campus), and Signage (advertising at Times Square and Penn District including the world's largest 4K LED sign). The company also manages THE PENN DISTRICT, a 9 million square foot campus development around Penn Station. Notable flagship properties include 731 Lexington Avenue (Bloomberg headquarters), 1290 Avenue of the Americas (Neuberger Berman headquarters), 555 California Street in San Francisco, and THE MART (3.7 million square foot commercial building in Chicago).

Differentiator

Problem solved

Functional benefit

Products and services

• Office Portfolio Nearly 20 million square feet of premier Class A office space concentrated in Manhattan, including trophy assets such as Bloomberg LP headquarters at 731 Lexington Avenue (1.3 million SF), Neuberger Berman headquarters at 1290 Avenue of the Americas, and over 10 million square feet in THE PENN DISTRICT including PENN 1, PENN 2, the Farley Building, and Penn 11 atop Madison Square Garden and Penn Station. Also includes 555 California Street in San Francisco. Leased primarily to blue-chip corporate tenants on long-term agreements.
• Street Retail Portfolio Over 2.4 million square feet of street retail space across Manhattan's dominant shopping districts, including Fifth Avenue, Madison Avenue, Times Square, Herald Square/34th Street, Union Square, and SoHo. Used by global brands for flagship stores including Primark, Meta Lab, and Starbucks, with available spaces ranging from 869 SF up to 32,994 SF.
• Marketplaces Urban and suburban marketplaces aggregating over 1.6 million square feet of retail space. Properties include Rego Center in Queens (anchors include Costco, Aldi, Burlington, Dick's Sporting Goods, Nordstrom Rack) and Wayne Towne Center in Wayne, New Jersey. Generates 8+ million annual visits and serves national and regional retailers seeking high-visibility anchor and in-line space.
• Residential Portfolio Luxury residential properties in New York City totaling over 2,000 units, including over 1,600 rental apartments at Independence Plaza in Manhattan and The Alexander at Rego Park in Queens, plus notable luxury condominium developments such as 220 Central Park South (designed by Robert A.M. Stern Architects overlooking Central Park), 1 Beacon Court, and The Park Laurel.
• Studios Sunset Pier 94 Studios — Manhattan's only purpose-built studio campus located at Pier 94 on the West Side waterfront. The 232,000 square foot multi-use development includes six purpose-built sound stages for film and television production. Paramount Television Studios signed as the inaugural tenant for 70,000 SF to film Dexter: Resurrection.
• Signage Portfolio Advertising signage at two of the highest-foot-traffic corridors in the United States: the "bow tie" of Times Square and the entrance to Pennsylvania Station on 34th Street. Vornado controls the world's largest 4K LED sign at 1535 Broadway, measuring six stories high and 330 feet wide. Reaches more than 1 million daily pedestrians and serves major advertising clients including Capital One.
• THE PENN DISTRICT Development A campus-like development consisting of 9 million square feet in over a dozen buildings and land sites surrounding New York's Pennsylvania Station, including PENN 1, PENN 2 (1.75 million SF, 31-story Class A office building), THE FARLEY BUILDING (adaptive reuse of the historic 1918 James A. Farley Post Office into 740,000 SF of office and 120,000 SF of retail with Moynihan Train Hall), PENN 11, and multiple development sites including 350 Park Avenue. Part of a $2.5 billion revitalization plan; Vornado joined Penn Transformation Partners consortium for the $8 billion Penn Station overhaul.

Quantifiable outcome

• 91.2% Manhattan office occupancy in Q4 2025, up from 88.8% prior quarter
• +5 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core, minor and strategic.

• Charles Cohen / Fortress Investment GroupOthers · 18 June 2026Charles Cohen sold properties including 623 Fifth Avenue and 3 East 54th Street to Vornado for $359 million as part of settling $187 million debt to Fortress. Also sold ground beneath 111 West 33rd Street and 1400 Broadway to Empire State Realty Trust.
• Penn Transformation Partners (Halmar International, Skanska, Vornado Realty Trust)coreStrategic or Co-development Partner · 13 June 2026Penn Transformation Partners consortium selected as master developer for $8 billion Penn Station overhaul. Vornado included in consortium planning to build a luxury office tower with recreation of historic Gimbels Passageway, an 800-foot tunnel connecting Penn Station to Herald Square. Groundbreaking expected end of 2027.
• Fisher BrotherscoreStrategic or Co-development Partner · 11 June 2026Fisher Brothers retains 51% ownership in Park Avenue Plaza (55 East 52nd Street, 1.2 million SF, 99% occupied) while Vornado acquired 49% interest at $1.1 billion gross valuation. Both parties share joint control over major decisions. Fisher Brothers continues to manage and lease the property.
• LeFrakminorStrategic or Co-development Partner · 11 March 2026Vornado and LeFrak announced joint lease with Le Colonial for 9,600 SF at 50 West 57th Street, opening summer 2027. 15-year lease with 215 seats for French Vietnamese restaurant's return to Manhattan after three decades.
• Newmark GroupcoreChannel Partner/ Reseller/ Distributor · 2 February 2026Newmark engaged as exclusive leasing agent for next phase of THE PENN DISTRICT retail transformation. Will develop cohesive street-level retail corridor along Seventh Avenue between 33rd and 34th Streets and Moynihan Retail Corridor. Part of Vornado's $2.5 billion Penn District revitalization.
• Hudson Pacific Properties and Blackstone Real EstatecoreStrategic or Co-development Partner · 20 January 2026$350 million joint venture for Sunset Pier 94 Studios - Manhattan's first purpose-built film and television studio campus. 232,000 SF facility with six sound stages. Blackstone and Hudson Pacific partnered with Vornado on the development. Paramount Television Studios signed inaugural 70,000 SF lease for Dexter: Resurrection Season 2.
• MTA (Metropolitan Transportation Authority)strategicStrategic or Co-development Partner · 18 December 2025Public-private partnership where Vornado contributes $25 million for Sector 3 reconstruction of Grand Central Train Shed from East 50th to East 53rd Street. Project supports 350 Park Avenue development and the century-old infrastructure handling 98% of Metro-North trains daily.
• Rudin Management and CitadelcoreStrategic or Co-development Partner · 10 November 2025$6 billion, 62-story joint office tower development at 350 Park Avenue. Vornado and Rudin Management partnering with Citadel as anchor tenant; Ken Griffin holds 60% partner stake. Project includes demolishing three existing buildings and creating public plaza. Construction permit filed; commencement expected April 2026.

Scale indicators18 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• SL Green Realty Corp: SL Green is the largest office landlord in Manhattan and Vornado's most direct peer. Both own Class A Manhattan office, compete for similar blue-chip tenants, and operate with high financial leverage. SL Green has a more midtown-focused portfolio with significant Midtown South exposure, while Vornado is anchored in Midtown, Penn District, and Plaza District.
• Empire State Realty Trust: ESRT is a NYC-focused office and retail REIT with a portfolio centered on the Empire State Building and Midtown Manhattan assets. Like Vornado, ESRT focuses on Class A office with sustainability initiatives and competes directly for the same enterprise tenants seeking premium Manhattan addresses.
• Paramount Group: Paramount Group owns Class A office in NYC (including 1633 Broadway and 1301 Avenue of the Americas) and San Francisco (One Market Plaza), directly overlapping with Vornado's Manhattan office and 555 California Street portfolios. Both compete for similar financial services and law firm tenants.
• RXR Realty: RXR is a private NYC-focused real estate owner, operator, and developer with significant Manhattan office, residential, and mixed-use exposure. As a direct competitor in the same NYC submarkets and an active developer, RXR serves as a comparable peer for NYC commercial real estate strategy and execution.

Broad incumbents

• Boston Properties (BXP): BXP is one of the largest publicly traded office REITs in the US, with a national portfolio including NYC, Boston, San Francisco, and Washington DC. While BXP is more geographically diversified than Vornado, it competes for many of the same trophy Manhattan tenants and has overlapping development capabilities. BXP is investment-grade rated.
• Kilroy Realty Corporation: Kilroy is a West Coast-focused office REIT with major exposure to San Francisco and Los Angeles. It competes with Vornado's 555 California Street asset for tech and financial services tenants in San Francisco and represents a peer benchmark for office REIT operations and capital allocation.
• Douglas Emmett: Douglas Emmett owns Class A office and multifamily in premier Los Angeles and Honolulu submarkets. While geography differs, it offers a comparable operating model focused on high-barrier coastal markets with similar tenant profiles and a comparable balance sheet structure with significant leverage.
• Brookfield Property Partners: Brookfield Property is one of the world's largest commercial real estate owners with significant NYC office exposure including Brookfield Place. It competes with Vornado for major Manhattan tenants and offers a comparison point for institutional capital deployment in trophy office and mixed-use assets.
• Cousins Properties: Cousins is a Sun Belt-focused office REIT (Atlanta, Austin, Charlotte, Dallas) with trophy-quality assets in growth markets. While geographic exposure differs from Vornado's NYC focus, Cousins serves as a relevant peer for office REIT operating metrics, development expertise, and capital allocation discipline.
• Highwoods Properties: Highwoods is a Sun Belt office REIT with Best Business Districts in markets like Atlanta, Raleigh, and Tampa. While geography differs from Vornado's NYC concentration, it provides a useful peer benchmark for office REIT operations, leasing spreads, and occupancy recovery metrics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vornado-realty-trust

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vornado Realty Trust