Vornado Realty Trust (NYSE:VNO) acquired Otis Elevator Building from Gould Investors L.P. for $80 million on July 31, 2015. Vornado took a 99-year ground lease with an option to purchase the land for $110 million and buildings were purchased for 813,900 newly issued Vornado Operating Partnership Units which is Vornado Realty L.P. valued at approximately $80 million. Arthur S. Adler, William G. Farrar, Ralston W. Turbeville Jr. and Carlo Zenkner of Sullivan & Cromwell LLP acted as the legal advisor to Vornado Realty Trust.


Vornado Realty Trust (NYSE:VNO) completed the acquisition of Otis Elevator Building from Gould Investors L.P. on July 31, 2015.