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Vornado Sells Remaining Stake in Boston's Downtown Crossing

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Bloomberg reports that Vornado Realty Trust has decided to part with its remaining stake in Boston's Downtown Crossing project, a development that has proved to be more than the REIT bargained for over the years. The project's new developer, Millennium Partners, has had better luck with the site, announcing a new office tenant as recently as this month.

Vornado received $45 million in net proceeds from the sale of its remaining 50 percent stake to Millennium, resulting in a net loss of $2 million.  

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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