Unknown Analyst's questions to Vornado Realty Trust (VNO) leadership • Q1 2025
Question
An analyst from Bank of America asked for commentary on the trend of owner-occupiers in New York City's office and retail sectors, and how this might affect Vornado's potential asset dispositions.
Answer
An Unknown Executive explained that owner-occupier interest is strong in prime locations like Fifth Avenue and SoHo, as major brands want long-term control of their flagship stores. This trend extends to office, driven by talent concentration in New York. They cited Amazon and NYU as examples of entities using their balance sheets to secure key assets, a trend Vornado sees as a positive for the market and its own strategic transactions.