Vornado has transitioned to a more flexible strategy, signaling its openness to selling significant assets in major markets including Manhattan, Chicago, and San Francisco. Recent listings include the Architects & Designers Building and a recently finalized deal in West Chelsea. Should these properties sell, Vornado's portfolio would focus solely on New York, suggesting confidence in the city's long-term stability. The post-pandemic office sector reveals uneven recovery, with Manhattan improving while markets like San Francisco and Chicago struggle. Vornado continues to adjust its portfolio and explore new development opportunities in this challenging environment.
Vornado has shifted from holding tight to being open to selling high-profile assets, including key buildings in Manhattan, Chicago, and San Francisco.
Recent deals include the sale of West Chelsea office buildings and the willingness to sell iconic structures like the Merchandise Mart and 555 California.
A concentration of Vornado's office portfolio in New York is likely if its non-Manhattan assets are traded, signaling a strategic return to core geography.
The office sector remains volatile post-pandemic with Manhattan showing recovery while other areas like San Francisco experience continued tenant demand struggles.
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