Vornado, Oxford Joining $1.3B Deal For Manhattan Tower

Law360, New York (August 7, 2013, 6:39 PM EDT) -- Vornado Realty Trust and Oxford Properties Group have teamed up with Crown Acquisitions Inc. and Highgate Hotels Inc. on their $1.3 billion purchase of a 27-story New York City office tower, Vornado Chairman Steven Roth revealed in an analyst conference call Tuesday.

Vornado will own one-quarter of the general partnership in 650 Madison Ave. with a $12.5 million investment, according to Roth. He noted that the group is currently in the process of putting together the deal's capital structure.

“It's a fine asset in a fine...
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