|
Vornado Realty Trust is a New York based real estate investment trust. It is the inheritor of real estate formerly controlled by companies including Two Guys and Alexander's. ==History== Vornado Realty Trust's origins can be traced back to an early discount store chain called Two Guys, founded in 1946 by brothers Sidney and Herbert Hubschman. In 1959, the company acquired O. A. Sutton Corporation, manufacturers of the Vornado line of electric fans, air conditioners, and dehumidifiers (the name of the company is a portmanteau of "Vortex" and "Tornado". The merged company was renamed Vornado, Inc. At its retail peak in the early 1970s, Vornado operated 53 Two Guys stores, 65 supermarkets, 240 Fosters Freeze restaurants and other retail operations. Vornado began divesting its retail operations, and by the late 1970s was down to 60 Two Guys stores. By the fall of 1979 Interstate Properties Inc., a private partnership engaged in shopping-center development, had taken a 17-percent stake in Vornado. The next year Interstate Properties took control of the firm after winning a proxy struggle. Steven Roth, the active Interstate partner, regarded Vornado's real-estate holdings as more valuable than its declining retail operations. He liquidated Two Guys; by 1985, real estate outstripped merchandising as the chief source of sales.〔 Interstate Properties entered the Manhattan real-estate market in 1985 by buying a small stake in Alexander's, a failing retailer whose land holdings included its flagship store, occupying the entire block between East 58th and 59th streets and Lexington and Third avenues. Interstate and developer Donald Trump raised their respective shares of Alexander's to 22 percent each in 1987 and agreed to expand or sell their interests in the firm jointly. In 1988 they each raised their stakes to 27 percent. The agreement lapsed in 1991, when Trump turned over his holdings in Alexander's to Citicorp, which had been holding them as collateral for a personal loan. The following year Roth and Alexander's creditors forced the firm into bankruptcy. Alexander's emerged from bankruptcy in 1993, but as a real-estate investment trust. That same year, Vornado Inc. was converted into Vornado Realty Trust. In 1995, Vornado bought Citicorp's interest in Alexander's.〔 In 1989, the Vornado name was licensed to a new company in the Wichita area currently known as Vornado Air, LLC to manufacture heating and cooling equipment. Outside of the brand licensing agreement, the Trust has no relation to Vornado Air, LLC. On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease.〔 (Alternate Link ) via ProQuest.〕 Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities that Silverstein was willing to accept. Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001. On May 14, 2009, Vornado issued a press release announcing that the board had voted to replace Roth with Fascitelli as CEO of the company. Roth will remain chairman of the board, and Fascitelli will be the President and CEO of the company. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Vornado Realty Trust」の詳細全文を読む スポンサード リンク
|