VORNADO REALTY TRUST (NYSE:VNO) announced today that it has completed a $600 million refinancing of 555 California Street, a three-building office complex aggregating 1.8 million square feet in San Francisco's financial district, known as the Bank of America Center, in which Vornado owns a 70% controlling interest. The 10-year loan bears interest at 5.10%. The loan amortizes based on a 30-year schedule beginning in the 4th year. The proceeds of the new loan and $45 million of existing cash were used to repay the existing loan and closing costs.

Vornado Realty Trust is a fully integrated equity real estate investment trust.

Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors.

Vornado Realty Trust
Joseph Macnow, 201-587-1000