Vornado Lands $450 Million Refinance for Apple-Anchored Manhattan Building
Vornado Lands $450 Million Refinance for Apple-Anchored Manhattan Building
Embedded Files
July 14, 2025 | New York City
Vornado Realty Trust has secured a $450 million refinancing loan for its Penn 11 property, a prominent Midtown Manhattan office building anchored by Apple. The financing follows closely on the heels of another $450 million deal the company closed for a Times Square asset, signaling strong lender confidence in Vornado’s portfolio.
Located directly across from Penn Station, Penn 11 is considered a prime asset in the heart of New York City’s office market. With Apple as a key tenant, the building benefits from long-term lease stability and brand prestige, enhancing its investment profile amid shifting market dynamics.
This refinancing comes at a time when the commercial real estate sector continues to face pressure from higher interest rates and evolving workplace trends. Vornado's ability to secure such a substantial loan reflects the strength of its assets and relationships within the capital markets.
The deal is a positive indicator for New York City’s high-quality office market, particularly buildings with anchor tenants and strategic locations. As demand for top-tier office space remains steady, Vornado’s move highlights a continued appetite for well-positioned assets.
Page updated
Google Sites
Report abuse