Back to top

Analyst Blog

Vornado Realty Trust (VNO - Analyst Report), a leading real estate investment trust (REIT), has recently completed the acquisition of 666 Fifth Avenue at 53rd Street – one of the prized retail assets in Manhattan, for $707 million. With the deal, the company has increased its street retail portfolio in the region to 2.3 million square feet.

The acquired property is strategically placed at the heart of Midtown Manhattan in one of the most recognized corridors in the world. The building is encircled by the full spectrum of shopping and entertainment hotspots in the region, offering a plethora of attractions to its tenants. Besides its signature embossed facade, the building also boasts of a well-designed lobby that provides a unique feel of serenity amid the din and bustle of the city.

The acquisition further reinforces Vornado Realty’s strong foothold in the region. The Manhattan portfolio of the company comprises of approximately 28 million square feet across 50 properties. These include Class A office buildings, street retail properties, residential assets, and the Hotel Pennsylvania. Vornado Realty also owns half of the office building above 666 Fifth Avenue at 53rd Street.

New York-based Vornado Realty acquires, owns and leases office properties, retail space and temperature-controlled logistics and refrigerated warehouses. Besides its properties, the company also has investments in other REITs, industrial buildings, retail assets, and Toys ‘R’ Us.

Vornado Realty has a strong asset portfolio in two of the best long-term office markets in the U.S. – New York city and Washington DC. This provides the company with a competitive advantage to continually increase rents. The company also has a healthy balance sheet and adequate liquidity.

We maintain our long-term Neutral rating on Vornado Realty, which currently has a Zacks #2 Rank that translates into a short-term Buy recommendation. We also have a Neutral recommendation and a Zacks #3 Rank (short-term Hold recommendation) for Boston Properties Inc. (BXP - Analyst Report), a competitor of Vornado Realty.

Please login to or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research


Are you a new Zacks Member or a visitor to

Top Zacks Features

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
UTD THERAPE… UTHR 117.83 +28.51%
TRIQUINT SE… TQNT 20.67 +6.52%
RF MICRO DE… RFMD 12.47 +6.04%
VASCO DATA… VDSI 14.77 +4.68%
BANCO DO BR… BDORY 15.53 +3.95%