Vornado Completes $300 Million Refinancing of One Park Avenue

NEW YORK, NY--(Marketwired - March 08, 2016) - VORNADO REALTY TRUST (NYSE: VNO) announced today that its 55% owned joint venture has completed a $300 million refinancing of One Park Avenue, a 947,000 square foot Manhattan office building. The loan matures in March 2021 and is interest only at LIBOR + 1.75% (currently 2.19%).

The property was previously encumbered by a 4.995% $250 million mortgage maturing in March 2016.

Vornado Realty Trust is a fully integrated equity real estate investment trust.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.