The Vornado sell-a-thon is on!
Steve Roth’s REIT has put the Architects & Designers Building on East 58th Street up for sale, eyeing a price north of $250 million, The Real Deal has learned.
The 550,000-square-foot building at 150 East 58th Street is “an ideal candidate for a residential conversion or an office rebranding initiative,” according to a marketing memo from Eastdil Secured, where a team led by Gary Phillips and Will Silverman is handling the sale process.
With more than 200,000 square feet of showroom space, the A&D Building is currently a Mecca for designers in the city who can shop for brands like B&B Italia and Sub Zero/Wolf Appliances in one building. It also has more than 300,000 square feet of offices.
Vornado bought the 39-story building for $118 million in 1998, when the company was then headquartered in Saddle Brook, N.J., and just gaining a toehold in Manhattan. A spokesperson for the company did not immediately respond to a request for comment.
The A&D Building is the latest offering from Vornado, which is becoming increasingly open to doing deals.
In May, the company and its partner the Albanese Organization went into contract to sell the West Chelsea office building at 512 West 22nd Street to Raghsa Real Estate, a subsidiary of Argentinian developer Moisés Khafif’s Raghsa SA, for $205 million.
And on Vornado’s earnings call Tuesday, Roth said the company is open to offers on two of its biggest office buildings: the Merchandise Mart in Chicago and 555 California Street in San Francisco.
Roth said the company isn’t going to actively market the towers for sale, but said he would be willing to part ways if the price was right.
“Those two assets we will sell for the right price at the right timing,” he said. “They are not sacred. By the way, nothing is sacred.”
Read more
“Nothing is sacred”: Vornado may sell Chicago’s Mart, Bay Area’s 555 California Street
Vornado selling West Chelsea office building for $200M
