NEW YORK — Vornado Realty Trust has completed purchase of the 623 Fifth Avenue office condominium, a 36-story, 382,500 rentable square foot building situated above the flagship Saks Fifth Avenue department store, for $218 million.
The building’s location provides for excellent light and air and sweeping, protected views of Midtown including Rockefeller Center and St. Patrick’s Cathedral.
The building is currently 75% vacant and Vornado intends to completely reposition and redevelop it into a premier, best-in-class, Class A boutique office building.
The fully transformed 623 Fifth Avenue building will complement Vornado’s nearby Plaza District and Park Avenue holdings of 280 Park Avenue, 350 Park Avenue, 595 Madison Avenue, 640 Fifth Avenue, 689 Fifth Avenue and 1290 Avenue of the Americas.
