Vornado Realty Trust agreed to buy the 97.5 percent interest it doesn’t already own in 1399 New York Ave., a 130,000-square-foot (12,000-square-meter) office building in Washington, for about $104 million.
The New York-based real estate investment trust said it expects the transaction to be completed before the end of the year. The property is a “Class A trophy office building” close to the White House, the company said today in a statement.
Vornado’s Charles E. Smith unit is the largest manager of commercial buildings in the Washington metropolitan area, according to the REIT’s website. It owns and manages 74 office properties comprising 18 million square feet, the website says.
The building, also known as the Executive Tower, is three blocks east of the White House, according to the website.