Vornado Realty Trust has priced an offering of $750 million in green bonds.
The net proceeds of approximately $743 million, which is expected to close on May 24, 2021, are intended to be allocated to eligible green projects. Pending that allocation, Vornado says the net proceeds are slated to be used for the repayment of the $675 million mortgage on theMART.
Formerly known as The Merchandise Mart, theMART is the largest privately held commercial building in the US. The 25-story, 4.2-million-square-foot property spans two city blocks. In 2018, The Center for Active Design announced that theMART achieved a Fitwel 2 Star Rating, which recognized the property's ability to support the physical, mental, and social health of its occupants.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
