Vornado Realty Trust announced that it has completed its previously announced $689 million acquisition of the Manhattan Mall, a mixed use property located on the entire Sixth Avenue blockfront between 32nd and 33rd Streets in Manhattan. The property contains approximately 1.0 million square feet, including 812,000 square feet of office space and 164,000 square feet of retail space. Included as part of the transaction are 250,000 square feet of additional air rights. The property is adjacent to the 1.4 million square foot Hotel Pennsylvania owned by Vornado. At closing, the Company completed a $232 million financing of the property. The loan bears interest at LIBOR plus 0.55% and matures in February 2009 with three one-year extension options.

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