Vornado Realty Trust announced this week that it had agreed to sell its Mart segment assets, including the Washington Design Center, the Boston Design Center, the L.A. Mart and the Canadian Trade Shows, for approximately $228 million. According to a CoStar report, the sale of the L.A. Mart has already closed at $55 million to PHR LA Mart LLC with 9-month seller financing. The 12-story structure includes 793,158 square feet and is a one-of-a-kind design center, office and showroom building in the downtown area.
As previously reported in January, Vornado sold the Mart segment's 350 West Mart Center for $228 million, resulting in a $55 million gain. Vornado also is in the process of transferring 7 West 34th Street to its New York segment. Vornado said that the sales of the Canadian Trade Shows had also closed, with the other sales expected to close in the third quarter. The company will recognize an $11.9 million loss in the second quarter and a $24.5 million gain in the third quarter from the sale of Canadian Trade Shows.
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