Posted Sep 12, 2025, 2:36 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,622
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https://www.investing.com/news/transcrip...-nyc-office-market-optimism-93CH-4234544
Quote:
Michael Franco, President and Chief Financial Officer, Vornado:
Yeah. They took space in what, six other buildings, right? With the expectation when it was completed, they would take that space out and not use it anymore, right? Their business has grown substantially since then. And a number of those, they've committed to longer term tenancies in those locations, right?
So I don't think any of that space is really going to hit the market again. And they just bought 250 Park. They're kicking tenants out of that, right, so they can utilize that. We and others are the beneficiary of some of those tenants, which is a good thing. So I mean, I think that's the biggest bank, but that's a strong statement that their new headquarters is not big enough for their footprint now.
Right? So they've now built a campus between that, 383 Madison, 250 Park, and some of the adjacent space that they're keeping.
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