Regions Northern Virginia

Vornado to sell suburban Fairfax office buildings for $126 Million

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Vornado Realty Trust announced Monday that it has entered into an agreement to sell the three-building Reston Executive Center in suburban Fairfax County for $126 million, or about $255 per square foot. The buildings contain 494,000 square feet, 

Vornado also has entered into an agreement to sell a building on Market Street in Philadelphia, which is part of the Gallery at Market East, for about $60 million.

The company said the two transactions will result in total net proceeds of about $89 million after repaying an existing loan and closing costs. The gain will be approximately $70 million. The sales, subject to customary closing conditions, are expected to be completed in the fourth quarter of 2012.

Vornado Realty Trust, a real estate investment trust based in Paramus, N.J., has a portfolio of more than 100 million square feet, primarily located in the New York and Washington, D.C., areas.

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