Vornado Realty Trust through the entity Vornado Two Penn Property L.L.C. as borrower signed a loan agreement with lender JPMorgan Chase Bank, N.A. valued at $575.0 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 2 Penn Plaza in Penn Plaza. The deal closed on September 29, 2019 and was recorded on October 15, 2019.
HSBC, which lent Vornado $575 million in 2014, assigned the loan to JPMorgan Chase. Vornado CEO Steven Roth announced in 2016 that the company planned to merge One Penn Plaza and Two Penn Plaza into a 4.4 million office and retail complex.