Vornado Appoints Newmark as Exclusive Leasing Agent
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6d ago
0mins
Should l Buy VNO?
Vornado Realty Trust (VNO) has named Newmark (NMRK) as the exclusive leasing agent for the next stage in its retail transformation in THE PENN DISTRICT on Manhattan's new West Side. Vornado has tapped the Newmark retail team overseen by Chairman of Global Retail Mark Masinter, who will work closely with Newmark's Retail Vice Chairman Karen Bellantoni, Jackie Totolo, Pierce Thompson, and Nick Masinter. Vornado is now in the initial stages of creating a cohesive street-level retail experience along both sides of Seventh Avenue between 33rd and 34th Streets. Working with Newmark, Vornado will develop this corridor to complement its existing anchors, Macy's and Primark's 78,000 sf flagship store set to open this coming Spring. Newmark will also work with Vornado on its Moynihan Retail Corridor, which serves as the central spine of the Moynihan Train Hall.
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Analyst Views on VNO
Wall Street analysts forecast VNO stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for VNO is 38.91 USD with a low forecast of 28.00 USD and a high forecast of 46.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
2 Buy
6 Hold
3 Sell
Hold
Current: 30.460
Low
28.00
Averages
38.91
High
46.00
Current: 30.460
Low
28.00
Averages
38.91
High
46.00
About VNO
Vornado Realty Trust is a fully-integrated real estate investment trust (REIT). The Company conducts its business through, and substantially all its interests in properties are held by, Vornado Realty L.P. Its portfolio is concentrated on premier office and high street retail properties in New York City. Its segments include New York and Other. Its New York segment consisted of approximately 26.4 million square feet in 64 properties. The 26.4 million square feet comprises over 20.1 million square feet of Manhattan office in 30 of the properties, 2.4 million square feet of Manhattan street retail in 49 of the properties, 1,330 units in two residential properties, and its 32.4% interest in Alexander’s, which owns five properties in the greater New York metropolitan area. It also includes nine garages totalling over 1.6 million square feet (4,685 spaces). Its Real Estate and Investments consists of over 3.7 million square foot THE MART in Chicago.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Revenue Decline Expectations: The anticipated revenue for Q4 is $440.23 million, down 3.8% year-over-year, which highlights weak market demand and economic uncertainty that could negatively impact the company's future cash flow.
- Estimate Revision Dynamics: Over the past three months, EPS estimates have seen no upward revisions and two downward adjustments, while revenue estimates experienced one upward revision and two downward adjustments, suggesting a decrease in analyst confidence regarding the company's future performance.
- Bond Offering Details: Vornado recently raised $500 million through a 7-year bond offering at J.P. Morgan, aiming to capitalize on the recent pullback in share prices and the company's strong fundamentals to enhance liquidity for future investments.
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- Retail Transformation Partnership: Newmark has been appointed by Vornado Realty Trust as the exclusive leasing agent for the retail transformation of THE PENN DISTRICT, marking a significant collaboration in a $2.5 billion redevelopment project that is expected to enhance the area's commercial vitality and appeal.
- Project Scale and Impact: Over the past decade, Vornado has redeveloped more than 5 million square feet of Class A office space and added 1.1 million square feet of retail space, attracting over 70 food and beverage retailers, significantly improving the commercial environment and consumer experience in the region.
- Infrastructure Improvements: Vornado has also expanded and redeveloped the Long Island Rail Road concourse, which now features a diverse mix of dining and retail options, further enhancing the area's accessibility and commercial attractiveness.
- Future Development Plans: Newmark will collaborate with Vornado to develop a cohesive retail experience along Seventh Avenue, expected to complement Macy's and Primark's flagship store, positioning THE PENN DISTRICT as a new commercial hotspot in New York City.
See More
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- Retail Space Revitalization: Over the past decade, Vornado has redeveloped more than 5 million square feet of Class A office space and added 1.1 million square feet of retail space, attracting over 70 food and beverage vendors, which enhances regional appeal and commercial vitality.
- Strategic Collaboration: Newmark's retail team will closely collaborate with Vornado to develop the street-level retail experience between 33rd and 34th Streets, which is expected to strengthen the area's commercial ecosystem and further drive consumer traffic.
- Vision for Regional Development: Vornado aims to transform THE PENN DISTRICT into a vibrant 24/7 community, and Newmark's involvement will inject new energy into the retail environment, driving future business growth.
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- Impact on Real Estate: This tax strategy is causing pressure on stocks of real estate investment trusts, particularly those operating in the New York market.
See More
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- Earnings Call Announcement: Vornado Realty Trust (NYSE: VNO), which manages Alexander's operations, will host a quarterly earnings conference call on February 10, 2026, at 10:00 a.m. ET, expected to discuss Alexander's operational performance, boosting investor confidence.
- Webcast Availability: The earnings call will be accessible via a live webcast on Vornado's Investor Relations website, providing investors with convenient access to information and enhancing engagement between the company and its stakeholders.
- Forward-Looking Statement Caution: The company warns that future performance may be influenced by various factors, including interest rate fluctuations and inflation, urging investors to consider potential risks in their decision-making processes.
See More
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- Earnings Announcement Schedule: Vornado Realty Trust is set to announce its Q4 2023 earnings on February 9 after market close, with consensus EPS estimates at $0.57, reflecting a 6.6% year-over-year decline, indicating potential profitability challenges.
- Revenue Decline Expectations: The anticipated revenue for Q4 is $440.23 million, down 3.8% year-over-year, which highlights weak market demand and economic uncertainty that could negatively impact the company's future cash flow.
- Estimate Revision Dynamics: Over the past three months, EPS estimates have seen no upward revisions and two downward adjustments, while revenue estimates experienced one upward revision and two downward adjustments, suggesting a decrease in analyst confidence regarding the company's future performance.
- Bond Offering Details: Vornado recently raised $500 million through a 7-year bond offering at J.P. Morgan, aiming to capitalize on the recent pullback in share prices and the company's strong fundamentals to enhance liquidity for future investments.
See More
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- Retail Transformation Partnership: Newmark has been appointed by Vornado Realty Trust as the exclusive leasing agent for the retail transformation of THE PENN DISTRICT, marking a significant collaboration in a $2.5 billion redevelopment project that is expected to enhance the area's commercial vitality and appeal.
- Project Scale and Impact: Over the past decade, Vornado has redeveloped more than 5 million square feet of Class A office space and added 1.1 million square feet of retail space, attracting over 70 food and beverage retailers, significantly improving the commercial environment and consumer experience in the region.
- Infrastructure Improvements: Vornado has also expanded and redeveloped the Long Island Rail Road concourse, which now features a diverse mix of dining and retail options, further enhancing the area's accessibility and commercial attractiveness.
- Future Development Plans: Newmark will collaborate with Vornado to develop a cohesive retail experience along Seventh Avenue, expected to complement Macy's and Primark's flagship store, positioning THE PENN DISTRICT as a new commercial hotspot in New York City.
See More
Newmark Named Exclusive Leasing Agent for Vornado's Penn District Transformation
- Exclusive Leasing Agent: Newmark Group has been appointed by Vornado Realty Trust as the exclusive leasing agent for the retail transformation of THE PENN DISTRICT, indicating a significant expansion in the commercial real estate sector and expected to enhance market share.
- Retail Space Revitalization: Over the past decade, Vornado has redeveloped more than 5 million square feet of Class A office space and added 1.1 million square feet of retail space, attracting over 70 food and beverage vendors, which enhances regional appeal and commercial vitality.
- Strategic Collaboration: Newmark's retail team will closely collaborate with Vornado to develop the street-level retail experience between 33rd and 34th Streets, which is expected to strengthen the area's commercial ecosystem and further drive consumer traffic.
- Vision for Regional Development: Vornado aims to transform THE PENN DISTRICT into a vibrant 24/7 community, and Newmark's involvement will inject new energy into the retail environment, driving future business growth.
See More
New York Real Estate Trusts Decline Due to Mamdani's Wealth Tax Proposal
- New Tax Initiatives: The new mayor of New York City is focused on increasing taxes for the wealthiest residents.
- Impact on Real Estate: This tax strategy is causing pressure on stocks of real estate investment trusts, particularly those operating in the New York market.
See More
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- Annual Report Filing: Alexander's, Inc. (NYSE: ALX) will file its annual report for the year ended December 31, 2025, on February 9, 2026, before the NYSE opens, enhancing financial transparency for stakeholders.
- Earnings Call Announcement: Vornado Realty Trust (NYSE: VNO), which manages Alexander's operations, will host a quarterly earnings conference call on February 10, 2026, at 10:00 a.m. ET, expected to discuss Alexander's operational performance, boosting investor confidence.
- Webcast Availability: The earnings call will be accessible via a live webcast on Vornado's Investor Relations website, providing investors with convenient access to information and enhancing engagement between the company and its stakeholders.
- Forward-Looking Statement Caution: The company warns that future performance may be influenced by various factors, including interest rate fluctuations and inflation, urging investors to consider potential risks in their decision-making processes.
See More
Société Générale Considers Relocating HQ, Scouting 500K Sq Ft in Manhattan
- Relocation Plans: Société Générale is considering relocating its New York headquarters from 245 Park Ave., scouting approximately 500,000 square feet of office space to accommodate future business needs and expansion.
- Potential New Locations: Media reports suggest that possible new office sites include Vornado Realty's 15 Penn Plaza, 175 Park Ave., and Hudson Boulevard, all situated in Manhattan's prime area, which could enhance the company's market presence.
- Lease Expiration: The bank's current lease at 245 Park Ave. expires in 2032, prompting early planning for new office space to ensure business continuity and flexibility.
- Market Dynamics: Recently, major financial firms like JPMorgan Chase and Moody's have also been actively seeking new office locations in Manhattan, indicating strong demand for premium office space in the financial sector, and Société Générale's relocation plans may further stimulate activity in the local real estate market.
See More
