Company Spotlight

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Company Spotlight: Vornado Realty Trust

The Mart, historically referred to as The Merchandise Mart, in the River North submarket of Chicago

The Merchandise Mart, in the River North submarket of Chicago

Vornado Realty Trust is a preeminent owner, manager, and developer of New York City office space and is the largest owner and manager of Manhattan street retail space. The firm also holds premier assets in Chicago and San Francisco.

Vornado is an S&P 500 company and has been publicly listed for 50 years on the New York Stock Exchange.

From Two Guys to $2 Billion in Revenue

While the name Vornado comes from the electric fan manufacturer, Vornado Realty Trust was founded in 1982 by Steven Roth, Chairman of the Board and Chief Executive Officer, based on discount store chain Two Guys and Alexander’s, a struggling retailer that owned a store covering the entire block between East 58th and 59th Streets and Lexington and Third Avenues in Central Midtown Manhattan.

In 1993 Vornado was converted into a REIT, and now employs about 4,000 people who help manage the nearly 20 million square feet of prime office properties and over 2.5 million square feet of street retail that the firm owns in Manhattan. Vornado Realty Trust reported revenues of over $2 billion in 2017, putting the company ahead of SL Green Realty and just behind AvalonBay Communities.

Vornado Realty Trust Commercial Real Estate Portfolio

Bank of America Tower, 555 California Street, San Francisco

Bank of America Tower, 555 California Street, San Francisco

The portfolio of Vornado Realty Trust is highly concentrated in two asset classes: office in the nation’s leading urban market of New York City, and street retail in Manhattan. The firm also owns or controls property in San Francisco and Chicago.

The firm focuses on owning and managing irreplaceable properties whose buildings are home to some of the most esteemed companies in the world. Six of the most nationally recognized properties held by Vornado are:

Leadership Team at Vornado Realty Trust

Vornado Realty Trust boasts a superior team of about 4,000 people with entrepreneurial spirit. The firm understands that its properties are made world-class every day by the people who manage them. The staff and key management team at Vornado work tirelessly to serve the company’s tenants and maintain each asset to the highest possible standards.

The executive leadership team at Vornado Realty Trust consists of:

  • Steven Roth – Chairman of the Board and Chief Executive Officer
  • David R. Greenbaum – President, New York Division
  • Michael J. Franco – Executive Vice President and Chief Investment Officer
  • Joseph Macnow – Executive Vice President, Chief Financial Officer and Chief Administrative Officer

Sustainability at Vornado Realty Trust

Vornado Realty Trust owns and manages over 26 million square feet of LEED-certified buildings. The firm’s expertise in all aspects of sustainability – including design and build, retrofitting and maintenance, and operations management – is unmatched by any other company in the commercial real estate industry:

Vornado Realty Trust at a glance



Core Business Strategy and Values: Growing its dominant positions in New York City office and Manhattan high street retail through its commitment to excellence, honesty, integrity, and teamwork

Founded: 1982, launched as a Real Estate Investment Trust on the New York Stock Exchange in 1993

Markets: New York, San Francisco, and Chicago

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