Vornado To Continue Selling Leftover D.C. Assets
The merger between Vornado's D.C. portfolio and The JBG Cos. closed in July, but the New York-based REIT still has some properties in the area left to sell.
Vornado CEO Steven Roth said on an earnings call Tuesday the company has about $1B of assets portfolio-wide it could sell over the next several years, with many of those in the D.C. market, the Washington Business Journal reports.
"We have several assets which were not contributed to the JBG Smith spinoff which are in the Washington market and basically are not in our core," Roth said on the earnings call. "So those amount to whatever."
One of those assets is the company's stake in Rosslyn Plaza, a redevelopment plan in partnership with Gould Property Co. Vornado owns between 43.7% and 50.4% of the property, currently an aging office complex that the JV plans to develop into five new towers totaling 2.5M SF. The company also owns 44K SF of D.C. retail and stakes in two Pentagon City properties.
JBG has also been selling some of its properties that were not included in the merger. In August, it sold the 2,664-unit Mark Center portfolio in Alexandria for $509M. It is also looking to sell a development site near the Wiehle-Reston East Metro with 1.5M SF of potential.
