VORNADO REALTY LP
For the period ended Dec 31, 2025. Filed Feb 9, 2026.
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FY2025 · Filed Feb 9, 2026
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See the whole filing, with its images and exhibitsContents
Item 2. PROPERTIES
PROPERTY LISTING
We operate in two reportable segments: New York and Other. The following pages provide details of our real estate properties as of December 31, 2025.
| Square Feet | |||||||
|---|---|---|---|---|---|---|---|
| NEW YORK SEGMENTProperty · %Ownership · Type · %Occupancy · In Service · UnderDevelopmentor NotAvailablefor Lease · TotalProperty | |||||||
| PENN 1 (ground leased through 2098)(1) | 100.0% | Office / Retail | 88.9% | 2,553,000 | — | 2,553,000 | |
| 1290 Avenue of the Americas | 70.0% | Office / Retail | 91.3% | 2,089,000 | — | 2,089,000 | |
| PENN 2 | 100.0% | Office / Retail | 79.5% | 1,825,000 | — | 1,825,000 | |
| 909 Third Avenue (ground leased through 2063)(1) | 100.0% | Office | 72.7% | 1,353,000 | — | 1,353,000 | |
| 280 Park Avenue(2) | 50.0% | Office / Retail | 95.3% | 1,267,000 | — | 1,267,000 | |
| Independence Plaza, Tribeca (1,328 units)(2) | 50.1% | Retail / Residential | 68.4% | (3) | 1,258,000 | — | 1,258,000 |
| 770 Broadway | 100.0% | Office / Retail | 100.0% | 1,183,000 | — | 1,183,000 | |
| PENN 11 | 100.0% | Office / Retail | 97.9% | 1,159,000 | — | 1,159,000 | |
| 100 West 33rd Street | 100.0% | Office / Retail | 87.4% | 858,000 | 257,000 | 1,115,000 | |
| 90 Park Avenue | 100.0% | Office / Retail | 99.2% | 956,000 | — | 956,000 | |
| One Park Avenue | 100.0% | Office / Retail | 94.0% | 945,000 | — | 945,000 | |
| 888 Seventh Avenue (ground leased through 2067)(1) | 100.0% | Office / Retail | 87.0% | 888,000 | — | 888,000 | |
| The Farley Building (ground and building leased through 2116)(1) | 95.0% | Office / Retail | 92.4% | 846,000 | — | 846,000 | |
| 330 West 34th Street (65.2% ground leased through 2149)(1) | 100.0% | Office / Retail | 96.1% | 726,000 | — | 726,000 | |
| 85 Tenth Avenue(2) | 49.9% | Office / Retail | 89.1% | 641,000 | — | 641,000 | |
| 350 Park Avenue | 100.0% | Office | 100.0% | 585,000 | — | 585,000 | |
| 150 East 58th Street(4) | 100.0% | Office / Retail | 80.5% | 544,000 | — | 544,000 | |
| 7 West 34th Street(2) | 53.0% | Office / Retail | 99.6% | 477,000 | — | 477,000 | |
| 623 Fifth Avenue | 100.0% | Office | (5) | — | 383,000 | 383,000 | |
| 595 Madison Avenue | 100.0% | Office / Retail | 88.4% | 332,000 | — | 332,000 | |
| 640 Fifth Avenue(2) | 52.0% | Office / Retail | 92.8% | 315,000 | — | 315,000 | |
| Sunset Pier 94 Studios (ground and building leased through 2110)(1)(2) | 49.9% | Studio | (5) | — | 266,000 | 266,000 | |
| 260 Eleventh Avenue (ground leased through 2114)(1) | 100.0% | Office | 100.0% | 209,000 | — | 209,000 | |
| 4 Union Square South | 100.0% | Retail | 100.0% | 204,000 | — | 204,000 | |
| 61 Ninth Avenue (2 buildings) (ground leased through 2115)(1)(2) | 45.1% | Office / Retail | 100.0% | 194,000 | — | 194,000 | |
| 825 Seventh Avenue | 51.2% | Office(2) / Retail | 80.1% | 173,000 | — | 173,000 | |
| 1540 Broadway(2) | 52.0% | Retail | 22.1% | 161,000 | — | 161,000 | |
| 1535 Broadway(2) | 52.0% | Retail / Theatre | 100.0% | 107,000 | — | 107,000 | |
| 689 Fifth Avenue(2) | 52.0% | Office / Retail | 95.2% | 97,000 | — | 97,000 | |
| 150 West 34th Street | 100.0% | Retail | 100.0% | 79,000 | — | 79,000 | |
| 50 West 57th Street(2) | 50.0% | Office / Retail | 88.3% | 79,000 | — | 79,000 | |
| 655 Fifth Avenue(2) | 50.0% | Retail | 100.0% | 57,000 | — | 57,000 | |
| 435 Seventh Avenue | 100.0% | Retail | 100.0% | 43,000 | — | 43,000 | |
| 606 Broadway | 50.0% | Office / Retail | 24.8% | 36,000 | — | 36,000 | |
| 697-703 Fifth Avenue(2) | 44.8% | Retail | 100.0% | 27,000 | — | 27,000 | |
| 1131 Third Avenue | 100.0% | Retail | 63.7% | 23,000 | — | 23,000 | |
| 666 Fifth Avenue (2) | 52.0% | Retail | 100.0% | 24,000 | — | 24,000 | |
| 131-135 West 33rd Street | 100.0% | Retail | 100.0% | 22,000 | — | 22,000 | |
See notes on page 28.
PROPERTY LISTING – CONTINUED
| Square Feet | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| NEW YORK SEGMENT – CONTINUEDProperty · %Ownership · Type · %Occupancy · In Service · UnderDevelopmentor NotAvailablefor Lease · TotalProperty | |||||||||
| 715 Lexington Avenue | 100.0% | Retail | 100.0% | 22,000 | — | 22,000 | |||
| 537 West 26th Street | 100.0% | Retail | 100.0% | 17,000 | — | 17,000 | |||
| 40 East 66th Street (3 units) | 100.0% | Residential | 100.0% | 10,000 | — | 10,000 | |||
| 431 Seventh Avenue | 100.0% | Retail | 100.0% | 9,000 | — | 9,000 | |||
| 138-142 West 32nd Street | 100.0% | Retail | 80.3% | 8,000 | — | 8,000 | |||
| 339 Greenwich Street | 100.0% | Retail | 100.0% | 9,000 | — | 9,000 | |||
| 966 Third Avenue | 100.0% | Retail | 100.0% | 7,000 | — | 7,000 | |||
| 968 Third Avenue(2) | 50.0% | Retail | 100.0% | 7,000 | — | 7,000 | |||
| 137 West 33rd Street | 100.0% | Retail | 100.0% | 3,000 | — | 3,000 | |||
| 57th Street(2) | 50.0% | Land | (5) | — | — | — | |||
| Eighth Avenue and 34th Street | 100.0% | Land | (5) | — | — | — | |||
| Hotel Pennsylvania site (PENN 15) | 100.0% | Land | (5) | — | — | — | |||
| Other (4 buildings) | 56.7% | Retail | 74.2% | 34,000 | — | 34,000 | |||
| Alexander's, Inc.: | |||||||||
| 731 Lexington Avenue(2) | 32.4% | Office / Retail | 91.7% | 1,080,000 | — | 1,080,000 | |||
| Rego Park II, Queens (6.6 acres)(2) | 32.4% | Retail | 98.3% | 606,000 | — | 606,000 | |||
| Rego Park I, Queens (4.8 acres)(2) | 32.4% | Retail | —% | — | 338,000 | 338,000 | |||
| The Alexander Apartment Tower, Queens (312 units)(2) | 32.4% | Residential | 97.7% | 255,000 | — | 255,000 | |||
| Flushing, Queens (1.0 acre ground leased through 2037)(2) | 32.4% | Retail | 100.0% | 167,000 | — | 167,000 | |||
| Total New York Segment | 89.5% | 24,569,000 | 1,244,000 | 25,813,000 | |||||
| Our Ownership Interest | 90.0% | 20,024,000 | 883,000 | 20,907,000 | |||||
See notes on page 28.
PROPERTY LISTING – CONTINUED
| Square Feet | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| OTHER SEGMENTProperty · %Ownership · Type · %Occupancy · In Service · UnderDevelopmentor NotAvailablefor Lease · TotalProperty | |||||||||
| THE MART: | |||||||||
| THE MART, Chicago | 100.0% | Office / Retail / Trade show / Showroom | 81.5% | 3,693,000 | — | 3,693,000 | |||
| 527 West Kinzie, Chicago | 100.0% | Land | (5) | — | — | — | |||
| Other (1 property)(2), Chicago | 50.0% | Retail | 85.5% | 4,000 | — | 4,000 | |||
| Total THE MART | 81.5% | 3,697,000 | — | 3,697,000 | |||||
| Our Ownership Interest | 81.5% | 3,695,000 | — | 3,695,000 | |||||
| 555 California Street: | |||||||||
| 555 California Street, San Francisco | 70.0% | Office / Retail | 94.6% | 1,509,000 | — | 1,509,000 | |||
| 315 Montgomery Street, San Francisco | 70.0% | Office / Retail | 49.0% | 235,000 | — | 235,000 | |||
| 345 Montgomery Street, San Francisco | 70.0% | Office / Retail | 100.0% | 76,000 | — | 76,000 | |||
| Total 555 California Street | 88.9% | 1,820,000 | — | 1,820,000 | |||||
| Our Ownership Interest | 88.9% | 1,274,000 | — | 1,274,000 | |||||
| Other: | |||||||
|---|---|---|---|---|---|---|---|
| Rosslyn Plaza, VA (197 units)(2) | 45.6% | Office / Residential | 22.5% | (3) | 685,000 | 304,000 | 989,000 |
| Fashion Centre Mall / Washington Tower, VA(2) | 7.5% | Office / Retail | 95.6% | 1,038,000 | — | 1,038,000 | |
| Wayne Towne Center, Wayne, NJ (ground leased through 2064)(1) | 100.0% | Retail | 100.0% | 690,000 | — | 690,000 | |
| Annapolis, MD (ground leased through 2042)(1) | 100.0% | Retail | 100.0% | 128,000 | — | 128,000 | |
| Atlantic City, NJ (11.3 acres ground leased through 2070 to VICI Properties for a portion of the Borgata Hotel and Casino complex) | 100.0% | Land | 100.0% | — | — | — | |
| Paramus, NJ (Vornado administrative headquarters) | 100.0% | Office | 71.2% | 129,000 | — | 129,000 | |
| 650 Madison Avenue(2)(6), New York, NY | 22.2% | Office / Retail | 67.1% | 601,000 | — | 601,000 | |
| Total Other | 81.0% | 3,271,000 | 304,000 | 3,575,000 | |||
| Our Ownership Interest | 82.4% | 1,470,000 | 140,000 | 1,610,000 | |||
(1)Term assumes all renewal options exercised, if applicable.
(2)Denotes property not consolidated in the accompanying consolidated financial statements and related financial data included in the Annual Report on Form 10-K.
(3)Excludes residential occupancy statistics.
(4)Includes 962 Third Avenue (the Annex building to 150 East 58th Street) 50.0% ground leased through 2118 (assuming all renewal options are exercised).
(5)Properties under development or to be developed.
(6)In 2022, our investment was written down to zero and we no longer record our share of net income (loss).
TOP 10 TENANTS BASED ON ANNUALIZED ESCALATED RENTS(1) (AT SHARE):
| (Amounts in thousands, except square feet) | |||
|---|---|---|---|
| Tenant | SquareFootageAt Share | AnnualizedEscalated RentsAt Share | % of Total AnnualizedEscalated RentsAt Share |
| Meta Platforms, Inc. | 693,500 | $82,906 | 4.5% |
| IPG and affiliates | 955,211 | 63,897 | 3.5% |
| Citadel | 585,460 | 62,498 | 3.4% |
| New York University(2) | 1,761,681 | 58,353 | 3.1% |
| Bloomberg L.P. | 306,768 | 44,479 | 2.4% |
| Madison Square Garden & Affiliates | 449,053 | 44,032 | 2.3% |
| Google/Motorola Mobility (guaranteed by Google) | 759,446 | 43,464 | 2.3% |
| UMG Recordings, Inc, | 336,700 | 35,411 | 1.9% |
| Apple Inc. | 556,057 | 33,796 | 1.8% |
| Amazon (including its Whole Foods subsidiary) | 312,694 | 32,421 | 1.7% |
ANNUALIZED ESCALATED RENTS(1) (AT SHARE) BY TENANT INDUSTRY:
| Industry | Percentage |
|---|---|
| Office: | |
| Financial Services | 23% |
| Technology | 13% |
| Professional Services | 7% |
| Advertising/Marketing | 6% |
| Entertainment and Electronics | 6% |
| Education | 4% |
| Real Estate | 4% |
| Engineering, Architect & Surveying | 3% |
| Health Services | 2% |
| Communications | 2% |
| Insurance | 1% |
| Apparel | 1% |
| Government | 1% |
| Other | 7% |
| 80% | |
| Retail: | |
| Apparel | 3% |
| Luxury Retail | 3% |
| Restaurants | 2% |
| Banking | 1% |
| Grocery | 1% |
| Other | 5% |
| 15% | |
| Showroom | 5% |
| Total | 100% |
(1)Annualized escalated rents represent monthly contractual base rent before free rent plus tenant reimbursements multiplied by 12. Annualized escalated rents at share include leases signed but not yet commenced in place of current tenants or vacancy in the same space.
(2)Includes NYU’s master lease of 1,076,000 square feet at 770 Broadway. In addition to the $9,281 annual lease payments, which are included in annualized escalated rents above, NYU made a $935,000 prepaid lease payment at lease commencement. See page 37 for further details.
NEW YORK
As of December 31, 2025, our New York segment consisted of 25.8 million square feet in 61 properties. The 25.8 million square feet is comprised of 19.9 million square feet of Manhattan office in 28 of the properties, 2.3 million square feet of Manhattan street retail in 45 of the properties, 1,331 units in two residential properties, and our 32.4% interest in Alexander’s, which owns five properties in the greater New York metropolitan area, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg, L.P. headquarters building, and The Alexander, a 312-unit apartment tower in Queens. The New York segment also includes nine garages totaling 1.6 million square feet (4,685 spaces).
As of December 31, 2025, the occupancy rate for our New York segment was 90.0%.
Occupancy and weighted average annual rent per square foot:
Office:
| Vornado's Ownership Interest | |||||
|---|---|---|---|---|---|
| As of December 31, | Total Square Feet | In ServiceSquare Feet | In ServiceSquare FeetAt Share | OccupancyRate | WeightedAverage Annual Escalated RentPer Square Foot |
| 2025 | 19,884,000 | 19,235,000 | 17,078,000 | 91.2% | $90.56 |
| 2024 | 20,343,000 | 18,714,000 | 16,024,000 | 88.8% | 88.38 |
| 2023 | 20,383,000 | 18,699,000 | 16,001,000 | 90.7% | 86.30 |
| 2022 | 19,902,000 | 18,724,000 | 16,028,000 | 91.9% | 83.98 |
| 2021 | 20,630,000 | 19,442,000 | 16,757,000 | 92.2% | 80.01 |
Retail:
| Vornado's Ownership Interest | ||||||
|---|---|---|---|---|---|---|
| As of December 31, · Total Square Feet · In ServiceSquare Feet · In ServiceSquare FeetAt Share · OccupancyRate · WeightedAverage Annual Escalated RentPer Square Foot | ||||||
| 2025 | 2,287,000 | 2,030,000 | (1) | 1,659,000 | 79.4% | $228.41 |
| 2024 | 2,421,000 | 2,387,000 | 1,943,000 | 73.7% | 213.05 | |
| 2023 | 2,394,000 | 2,123,000 | 1,684,000 | 74.9% | 224.88 | |
| 2022 | 2,556,000 | 2,289,000 | 1,851,000 | 74.4% | 215.72 | |
| 2021 | 2,693,000 | 2,267,000 | 1,825,000 | 80.7% | 214.22 | |
(1)Reflects the impact of the 100 West 33rd Street retail space coming out of service during 2025.
Occupancy and average monthly rent per unit:
Residential:
| Vornado's Ownership Interest | ||||
|---|---|---|---|---|
| As of December 31, | Total Number of Units | TotalNumber of Units | OccupancyRate | Average MonthlyRent Per Unit |
| 2025 | 1,643 | 769 | 95.5% | $5,051 |
| 2024 | 1,642 | 769 | 96.6% | 4,713 |
| 2023 | 1,974 | 939 | 96.8% | 4,115 |
| 2022 | 1,976 | 941 | 96.7% | 3,882 |
| 2021 | 1,986 | 951 | 97.0% | 3,776 |
NEW YORK – CONTINUED
Lease expirations as of December 31, 2025 (at share):
| Number of Expiring Leases · Square Feet of Expiring Leases(1) · Percentage ofNew York Square Feet · Annualized Escalated Rentsof Expiring Leases | ||||||
|---|---|---|---|---|---|---|
| Year · Total · Per Square Foot | ||||||
| Office: | ||||||
| Fourth Quarter 2025(2) | 8 | 37,000 | 0.2% | $3,000,000 | $81.08 | |
| 2026 | 63 | 929,000 | 6.1% | 74,154,000 | 79.82 | (3) |
| 2027 | 89 | 953,000 | 6.2% | 80,578,000 | 84.55 | |
| 2028(4) | 65 | 970,000 | 6.3% | 77,672,000 | 80.07 | |
| 2029 | 73 | 1,125,000 | 7.3% | 87,124,000 | 77.44 | |
| 2030 | 60 | 718,000 | 4.7% | 65,470,000 | 91.18 | |
| 2031 | 49 | 876,000 | 5.7% | 82,530,000 | 94.21 | |
| 2032 | 29 | 1,182,000 | 7.7% | 113,366,000 | 95.91 | |
| 2033 | 27 | 563,000 | 3.7% | 49,133,000 | 87.27 | |
| 2034 | 32 | 431,000 | 3.3% | 40,755,000 | 94.56 | |
| 2035 | 37 | 1,030,000 | 7.2% | 83,452,000 | 81.02 | |
| Retail: | ||||||
| Fourth Quarter 2025(2) | 2 | 1,000 | 0.1% | $25,000 | $25.00 | |
| 2026 | 8 | 21,000 | 1.8% | 5,198,000 | 247.52 | (5) |
| 2027 | 18 | 53,000 | 4.8% | 22,931,000 | 432.66 | |
| 2028 | 9 | 41,000 | 3.7% | 9,912,000 | 241.76 | |
| 2029 | 13 | 52,000 | 4.7% | 22,546,000 | 433.58 | |
| 2030 | 14 | 144,000 | 12.9% | 23,737,000 | 164.84 | |
| 2031 | 20 | 57,000 | 5.1% | 30,232,000 | 530.39 | |
| 2032 | 22 | 62,000 | 5.6% | 31,907,000 | 514.63 | |
| 2033 | 14 | 36,000 | 3.2% | 12,272,000 | 340.89 | |
| 2034 | 35 | 146,000 | 13.1% | 20,475,000 | 140.24 | |
| 2035 | 11 | 24,000 | 2.7% | 12,372,000 | 515.50 | |
(1)Excludes storage, vacancy and other.
(2)Includes month-to-month leases, holdover tenants, and leases expiring on the last day of the current quarter.
(3)Based on current market conditions, we expect to re-lease this space at rents between $85 to $95 per square foot.
(4)Excludes the expiration of 492,000 square feet at 909 Third Avenue for U.S. Post Office as we assume the exercise of all renewal options through 2038 given the below-market rent on their options.
(5)Based on current market conditions, we expect to re-lease this space at rents between $450 to $500 per square foot.
Alexander’s
As of December 31, 2025, we own 32.4% of the outstanding common stock of Alexander’s, which owns five properties in the greater New York City aggregating 2.4 million square feet, including 731 Lexington Avenue, the 1.1 million square foot Bloomberg L.P. headquarters building. As of December 31, 2025, Alexander's had an occupancy rate of 94.6% and a weighted average annual rent per square foot of $115.14.
OTHER REAL ESTATE AND INVESTMENTS
THE MART
We own the 3.7 million square foot THE MART in Chicago, whose largest tenant is Motorola Mobility at 609,000 square feet, the lease of which is guaranteed by Google. As of December 31, 2025, THE MART had an occupancy rate of 81.5% and a weighted average annual rent per square foot of $54.03.
555 California Street
We own a 70% controlling interest in a three-building office complex aggregating 1.8 million square feet, located at California and Montgomery Streets in San Francisco’s financial district (“555 California Street”). As of December 31, 2025, 555 California Street had an occupancy rate of 88.9%, which reflects the impact of lease expirations at 315 Montgomery Street during the fourth quarter, and a weighted average annual rent per square foot of $103.50.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.