Vornado Realty Trust is acquiring the 36-story office tower at 623 Fifth Avenue for $218 million from Cohen Brothers Realty. The 382,500-square-foot property, located above the Saks Fifth Avenue flagship, is 75 percent vacant. Cooper Horowitz’s Robert Horowitz arranged the sale. Vornado plans to reposition and redevelop the tower into a Class A boutique office building, with completion expected in 2027. The project will complement Vornado’s nearby Plaza District and Park Avenue assets, including 280 Park Avenue and 595 Madison Avenue. Cohen Brothers had previously considered a residential conversion before choosing to sell.
Vornado Realty Trust
