New York University has renewed its 633,000-square-foot lease for the Langone Medical Center at Vornado’s One Park Avenue, which constitutes about two-thirds of the 947,000-square-foot property, CO first reported.
- Rent collection: Vornado’s rent collection in the third quarter stood at 95 percent for office rents, and 82 percent for retail, excluding deferred rents, which are expected to be paid back within a year.
- Be Smart: Vornado CEO Steve Roth said on the company’s earnings call that the office leasing market remains on pause, and he expects to see mostly renewals through year’s end. On the retail front, Vornado executed a total of 25,000 SF in the third quarter, including a lease with Giorgio Armani‘s Madison Avenue flagship. [CO]