VORNADO REALTY TRUST - PENN DISTRICT TRACKING STOCK
PENN 1
2.5 Million SF
PENN 2
1.8 Million SF
MSG Entertainment (428,000 SF)
PENN 11
1.15 Million SF
Apple (336,000 SF)
330 WEST 34TH ST
477,000 SF
682,000 SF
1.8 Million SF
433-435 7TH AVE
43,000 SF
1.1 Million SF
78,000 SF
740,000 SF
7 WEST 34TH ST
PENN 15
10,000 SF
150 WEST 34TH ST
Vornado Realty Trust is planning to spin off its assets in the Penn District into a separate tracking stock. The move is intended unlock value for shareholders by letting investors choose between investing in the company's portfolio of core assets or its moonshot development project, located on top of and around the western hemisphere's busiest transit hub.
The Penn District campus will offer unrivaled employee amenities and be the pre-eminent office campus in New York. Despite current work-from-home trends caused by the pandemic, the office will make a comeback as the most important setting for teamwork, collaboration, and creativity. Offices are incubators for company culture and an important recruiting tool used by employers to attract the best talent.
100 W 33RD ST
431 7TH AVE
MOYNIHAN TRAIN HALL RETAIL
FARLEY BUILDING OFFICE
480-488 Eighth Ave
80,000 SF (Land)