On September 8, 2025, Vornado Realty Trust announced the completion of its previously announced acquisition of the 623 Fifth Avenue office condominium for $218 million. This 36-story building comprises 382,500 rentable square feet and is located above the flagship Saks Fifth Avenue department store.
The building is currently 75% vacant, and Vornado intends to undertake a complete repositioning and redevelopment. The goal is to transform it into a premier, best-in-class, Class A boutique office building, with delivery to tenants expected in 2027.
This acquisition reinforces Vornado's strategy to invest in and enhance its core urban portfolio, particularly in prime New York City locations. The redevelopment project is expected to contribute to future earnings growth and strengthen Vornado's competitive position in the Class A office market.
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