Vornado Realty says Virginia land deal halted

AP News
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Posted: Dec 07, 2009 11:17 AM

Vornado Realty Trust said Monday it has halted plans to sell a tract of land in Arlington, Va., and that the undisclosed purchaser forfeited a $27 million deposit.

The 8.6 acres is located in the Pentagon City area of Arlington.

The Paramus, N.J., company, a real estate investment trust, will record the $27 million as income in the fourth quarter. It will write down the value of the land from $108 million to about $83 million.

Vornado owns or manages about 100 million square feet of office and retail properties, primarily around New York and Washington.