Vornado’s Acquisition of Charles E. Smith
Vornado Realty Trust (NYSE, VNO) is a fully-integrated real estate investment trust (REIT) company that does business through a Delaware limited partnership, the Vornado Realty L. P. As the only general partner therein, Vornado Realty owns almost 80% of the Vornado Realty L. P. (EDGAR Online, Inc) Its management aims to continually improve the value of the company shareholders’ interests by investing in “smart buys” – properties in select sites where capital appreciation occurs at rates that are highly beneficial to the property owners and developers.
With its 3,015 employees and 269 corporate staff, Vornado Realty also offers specialty financing to real estate companies and ventures into developing and developing its existing properties to maximize the returns of its investments thereon. In line with its strategies, Vornado Realty has acquired office properties in the New York metropolitan area by buying existing real estate businesses whose assets include the very properties that it targeted to include in its asset portfolio. Driven by its philosophy of investing in fortress real estate in supply-constrained cities, Vornado Realty in 2001 set out to next enter the Washington D.
C. property arena. Literature Review Charles E. Smith Commercial Realty (CESCR), then the largest office owner in the D. C. area, was identified as the market leader that perfectly fitted the profile that Vornado specifically wanted. CESCR was founded as early as 1946 by the company’s namesake whose son, Bob Smith, turned out to be the current company CEO. Bob Smith’s team was behind the development of most office buildings in D. C. The same team eventually became a thriving division of Vornado Realty.Sample Essay of Eduzaurus.com