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.
0 comments
Hide comments