Vornado JV Completes $250 Million Refinancing of 7 West 34th Street

Rhea-AI Summary

Vornado Realty Trust (NYSE:VNO) said its 53% owned joint venture completed a $250 million refinancing of 7 West 34th Street, a 477,000 sq ft Class A Manhattan office building fully leased to Amazon.

The new loan is non-recourse, five-year, interest-only, matures in February 2031 and carries a fixed rate of 5.79%. The joint venture paid down $50 million of a prior $300 million loan that was fully recourse to Vornado and bore interest at 3.65% with a maturity in June 2026.

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

Positive

• $250M non-recourse refinancing completed
• All office space at 477,000 sq ft leased to Amazon
• New loan extends maturity to February 2031 (five-year term)

Negative

• Fixed interest rate increased from 3.65% to 5.79%
• New loan is interest-only for five years (no principal amortization)

News Market Reaction

-0.93%

1 alert

-0.93% News Effect

On the day this news was published, VNO declined 0.93%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Refinancing amount: $250 million Building size: 477,000 square feet Vornado JV stake: 53% +5 more

8 metrics

Refinancing amount $250 million New loan on 7 West 34th Street joint venture property

Building size 477,000 square feet Class A Manhattan office building at 7 West 34th Street

Vornado JV stake 53% Ownership interest in the joint venture holding the property

New loan rate 5.79% Fixed rate on non-recourse, five-year interest only loan

Prior loan balance $300 million Fully recourse loan that was refinanced and partially paid down

Principal paydown $50 million Amount used to reduce the prior $300 million loan

Prior loan rate 3.65% Interest rate on the previous fully recourse facility

New maturity February 2031 Maturity date of the new non-recourse refinancing loan

Market Reality Check

Price: $31.27 Vol: Volume 1,293,464 is about...

normal vol

$31.27 Last Close

Volume Volume 1,293,464 is about 1.1x the 20-day average of 1,178,466 shares. normal

Technical Shares at 32.14 are trading below the 200-day MA of 37.40, pre-news down 1.11% on the day.

Peers on Argus

Pre‑news, VNO was down 1.11% while key office REIT peers were mixed: KRC, CUZ, C...

Pre‑news, VNO was down 1.11% while key office REIT peers were mixed: KRC, CUZ, CDP and DEI showed small gains and SLG was modestly lower, suggesting a more stock‑specific move rather than a uniform sector rotation.

Historical Context

5 past events · Latest: Jan 21 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 21	Earnings call timing	Neutral	+0.9%	Announced Form 10-K filing and Q4 2025 earnings call schedule.
Jan 07	Asset acquisition	Neutral	+2.9%	Acquired 3 East 54th Street development site for $141M with existing loan credit.
Jan 07	Debt offering	Neutral	+2.9%	Priced $500M 5.75% senior notes due 2033 to refinance 2026 notes.
Jan 07	Credit facilities	Positive	+2.9%	Extended and upsized revolving credit facilities and term loan over $2B.
Dec 08	Dividend declaration	Positive	+1.3%	Declared $0.74 common dividend and outlined expected 2026 dividend pattern.

Pattern Detected

Recent debt and capital structure announcements have coincided with generally positive price reactions.

Recent Company History

Over the past few months, Vornado has focused on capital structure and portfolio positioning. On Jan 7, 2026, it extended and upsized over $2.0 billion of credit facilities and a term loan, and priced $500 million of 7‑year notes, with shares rising about 2.88%. The company also acquired a $141 million Plaza District development site and maintained its dividend with a $0.74 per share payment in Dec 2025. Today’s refinancing of 7 West 34th Street fits this ongoing balance‑sheet and asset‑level debt management trend.

Market Pulse Summary

This announcement highlights Vornado’s continued focus on asset‑level financing, following earlier m...

Analysis

This announcement highlights Vornado’s continued focus on asset‑level financing, following earlier moves involving over $2.0 billion of credit facilities and a $500 million bond offering. The 7 West 34th Street property, a 477,000 square foot Class A office fully leased to Amazon, now carries a $250 million non‑recourse, interest‑only loan maturing in February 2031, with a $50 million paydown of the prior recourse facility. Investors may track future refinancing activity, leasing trends, and upcoming Form 10‑K disclosures for additional context.

Key Terms

non-recourse, interest only loan, forward-looking statements, Form 10-K

4 terms

non-recourse financial

"The non-recourse, five-year interest only loan matures in February 2031"

A non-recourse loan is a type of debt where the lender’s recovery is limited to a specific asset pledged as collateral, and the borrower cannot be personally pursued for any remaining balance if the asset’s value falls short. For investors, non-recourse financing shifts downside risk onto the lender and protects a borrower’s other assets, which can affect a company’s risk profile, borrowing costs, and potential returns — much like insurance that covers only the item left as collateral.

interest only loan financial

"The non-recourse, five-year interest only loan matures in February 2031"

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.

forward-looking statements regulatory

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

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.

Form 10-K regulatory

"see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K"

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

AI-generated analysis. Not financial advice.

NEW YORK, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today that its 53% owned joint venture has completed a $250 million refinancing of 7 West 34^th Street, a 477,000 square foot Class A Manhattan office building. Amazon leases all of the office space at the property. The non-recourse, five-year interest only loan matures in February 2031 and has a fixed rate of 5.79%.

The joint venture paid down by $50 million the prior $300 million loan that was fully recourse to Vornado, bore interest at 3.65% and was scheduled to mature in June 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, 2024. 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 refinancing did Vornado (VNO) complete for 7 West 34th Street on January 26, 2026?

The 53% owned joint venture closed a $250 million non-recourse, five-year interest-only loan maturing in February 2031 at a fixed rate of 5.79%.

Who leases the office space at 7 West 34th Street and how large is the building?

The building is 477,000 square feet of Class A office space and is fully leased to Amazon.

How did the new loan change Vornado's prior exposure for the 7 West 34th Street loan?

The joint venture paid down $50 million of the prior $300 million loan that had been fully recourse to Vornado; the new loan is non-recourse.

What is the interest rate difference between the new and prior loans for 7 West 34th Street?

The prior loan bore interest at 3.65%; the new loan carries a fixed rate of 5.79%.

When does the new Vornado (VNO) loan for 7 West 34th Street mature?

The new five-year, interest-only loan matures in February 2031.