Vornado Completes $525 Million Refinancing of One Park Avenue

Rhea-AI Summary

Vornado Realty Trust (NYSE: VNO) completed a $525 million refinancing of One Park Avenue, a 945,000 square foot Class A Manhattan office building.

New York University leases approximately 74% of the building. The interest-only loan carries a rate of SOFR+1.78% and matures in February 2031, replacing a prior $525 million loan at SOFR+1.22% that matured in March 2026.

Positive

• Refinancing extends maturity to February 2031
• Maintained principal at $525 million, avoiding new immediate borrowing
• Interest-only structure preserves near-term cash flow flexibility

Negative

• Coupon widened from SOFR+1.22% to SOFR+1.78%
• 74% tenant concentration with New York University increases tenant-risk exposure

Key Figures

Refinancing amount: $525 million Building size: 945,000 square feet NYU lease share: 74% +5 more

8 metrics

Refinancing amount $525 million New loan on One Park Avenue

Building size 945,000 square feet One Park Avenue Class A Manhattan office building

NYU lease share 74% Portion of One Park Avenue leased to New York University

New loan rate spread SOFR + 1.78% Interest-only loan maturing February 2031

Prior loan amount $525 million Replaced loan on One Park Avenue

Prior loan rate spread SOFR + 1.22% Previous loan maturing March 2026

New loan maturity February 2031 Final maturity, as fully extended

Prior maturity March 2026 Scheduled maturity of replaced loan

Market Reality Check

Price: $30.99 Vol: Volume 2,231,386 is 1.48x...

normal vol

$30.99 Last Close

Volume Volume 2,231,386 is 1.48x the 20-day average of 1,512,714, showing elevated trading interest before this refinancing news. normal

Technical Shares at $30.99 are trading below the 200-day MA of $37.28 and 31.69% under the 52-week high.

Peers on Argus

VNO is up 2.66% while key office REIT peers KRC, SLG, CUZ, CDP and DEI show nega...

VNO is up 2.66% while key office REIT peers KRC, SLG, CUZ, CDP and DEI show negative moves between about -0.58% and -1.33%, indicating a stock-specific reaction to this refinancing rather than a sector-wide move.

Historical Context

5 past events · Latest: Feb 05 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 05	Preferred dividends	Positive	-0.4%	Quarterly dividends declared on multiple preferred share series with set pay dates.
Feb 02	Retail leasing news	Positive	-3.4%	Newmark engaged for next phase of THE PENN DISTRICT retail renaissance.
Feb 02	Retail leasing news	Positive	-3.4%	Newmark appointed exclusive leasing agent for Penn District retail corridor.
Jan 26	Debt refinancing	Positive	-0.9%	JV completed $250M non-recourse refinancing of Amazon-leased Manhattan office.
Jan 21	Earnings date notice	Neutral	+0.9%	Announced Form 10-K filing timing and Q4 2025 earnings release and call.

Pattern Detected

Recent company news, including refinancings and development updates, has often been followed by negative or muted price reactions, even when the events appear operationally constructive.

Recent Company History

Over the past few weeks, Vornado has focused on balance sheet management and Manhattan asset positioning. On Jan 26, a joint venture completed a $250 million refinancing of 7 West 34th Street, extending debt maturity to February 2031. Earlier, credit facilities and a term loan were amended and extended, and THE PENN DISTRICT retail redevelopment advanced under a $2.5 billion revitalization. The current One Park Avenue refinancing continues this theme of extending maturities and reinforcing financing on key Class A Manhattan properties.

Market Pulse Summary

This announcement details a $525 million interest-only refinancing of One Park Avenue, extending deb...

Analysis

This announcement details a $525 million interest-only refinancing of One Park Avenue, extending debt maturity to February 2031 on a 945,000 square foot Class A building that is 74% leased to New York University. It continues Vornado’s recent pattern of pushing out maturities and refining its capital structure. In context of earlier refinancings and credit facility amendments, investors may watch future filings and earnings for how these transactions affect interest costs, occupancy trends, and overall balance sheet flexibility.

Key Terms

sofr, interest only loan, class a, forward-looking statements, +1 more

5 terms

sofr financial

"The interest only loan carries a rate of SOFR plus 1.78% and matures"

The Secured Overnight Financing Rate (SOFR) is a market benchmark that measures the cost of borrowing cash overnight using U.S. Treasury securities as collateral. Investors watch SOFR because it acts like a speedometer for short-term interest costs—affecting loan rates, bond yields and the pricing of interest-rate contracts—so movements change borrowing expenses, cash returns and the value of interest-sensitive investments.

interest only loan financial

"The interest only loan carries a rate of SOFR plus 1.78%"

An interest only loan is a loan where the borrower pays only the interest portion of each payment for a set period, leaving the original amount borrowed (the principal) unpaid until the end of that period or until it’s refinanced. Investors care because these loans lower short‑term payments and can boost cash flow, but they concentrate repayment risk later, affecting default likelihood, loan value and returns on debt investments.

class a technical

"a 945,000 square foot Class A Manhattan office building"

Class A denotes a specific group of a company’s shares that carry a particular set of rights—most commonly different voting power or dividend priority compared with other share classes. Think of it like different seats on a bus where some seats let you steer and others only ride: knowing whether a share is Class A tells investors how much influence they have over company decisions and how returns might be distributed, which affects control and value.

forward-looking statements regulatory

"Certain statements contained herein may constitute “forward-looking statements”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

real estate investment trust financial

"Vornado Realty Trust is a fully-integrated equity real estate investment trust."

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 09, 2026 (GLOBE NEWSWIRE) -- VORNADO REALTY TRUST (NYSE: VNO) announced today that it has completed a $525 million refinancing of One Park Avenue, a 945,000 square foot Class A Manhattan office building. New York University leases approximately 74% of the space at the property. The interest only loan carries a rate of SOFR plus 1.78% and matures in February 2031, as fully extended.

The loan replaces the previous $525 million loan that bore interest at SOFR plus 1.22% and was scheduled to mature in March 2026.

Vornado Realty Trust is a fully-integrated equity real estate investment trust.

CONTACT

Thomas J. Sanelli
(212) 894-7000

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

FAQ

What did VNO announce about the One Park Avenue refinancing on February 9, 2026?

VNO completed a $525 million refinancing of One Park Avenue, an interest-only loan at SOFR+1.78% maturing February 2031. According to the company, the loan replaces a prior $525 million facility that matured March 2026.

How much of One Park Avenue does New York University lease under VNO's deal?

New York University leases approximately 74% of the building's 945,000 square feet. According to the company, NYU remains the dominant tenant, representing substantial occupancy and revenue concentration at the property.

What are the key financial terms of VNO's new loan for One Park Avenue?

The new loan is interest-only at SOFR+1.78% with a final maturity of February 2031. According to the company, the refinancing keeps the principal at $525 million while extending the maturity date.

How does the new VNO loan compare to the previous One Park Avenue loan?

The new loan maintains the $525 million principal but increases the spread from SOFR+1.22% to SOFR+1.78% and extends maturity to February 2031. According to the company, it replaces the facility that matured in March 2026.

What investor risks does the One Park Avenue refinancing pose for VNO (NYSE: VNO)?

Investors face higher interest costs due to the wider spread and concentrated tenant risk with NYU at ~74% occupancy. According to the company, those factors affect building-level cash flow and concentration exposure for shareholders.