Vornado Looks To Sell Its Stake In Five-Building Rosslyn Plaza Redevelopment
Vornado is looking to sell its piece of a redevelopment plan that would create five new towers along Rosslyn's skyline, after leaving the project out of its JBG Smith merger.
The REIT owns between 43.7% and 50.4% of the Rosslyn Plaza redevelopment, in partnership with Gould Property Co., and Vornado CEO Steven Roth said on an earnings call Tuesday the company plans to sell that stake, the Washington Business Journal reports.
The Arlington County Board approved the project in March 2016. The 7.6-acre site is home to an aging complex that includes the Spectrum Theatre, four office buildings and two apartment buildings. The plans call for demolition of those buildings to make way for five shiny new towers.
In total, the project would include 2.5M SF of development. A large chunk of that, 1.8M SF, would be office space. It would also feature 550 residential units, a 200-room hotel and 45K SF of retail.
The major development was held out of the JBG Smith merger because Vornado's deal with Gould did not allow it to transfer its stake to another party. The newly formed public development company still has more than 18M SF in its pipeline, including an extensive portfolio of Crystal City properties it plans to redevelop.
