- Vornado and Trump will receive $ 617 million from $ 1.2 billion in bond sales, Bloomberg reported.
- The payout is part of a refinancing agreement for 555 California Street in San Francisco.
- Trump is a 30% partner in 555 California and 1290 Avenue of the Americas in New York.
- You can find more stories on our Business Insider page.
Former President Donald Trump could get millions from his minority stake in San Francisco real estate with Vornado Realty Trust, which on Friday sold $ 1.2 billion in bonds.
The deal includes a $ 617 million return for a previously reported partner Bloomberg. It’s not clear how much that will go straight to Trump.
The Trump organization has about 30 percent of ownership in both coastal office buildings through a partnership with Vornado.They jointly own 555 California Street in San Francisco and 1290 Avenue of the Americas in New York City.
As much as $ 800 million of Trump’s net worth has been tied up in the building. Unlike other buildings owned by The Trump Organization, the former president has no control over properties he co-owns with Vornado.
The money raised Friday from bond sales will be used to refinance loans and fund building of their three 555 California real estate buildings, according to Bloomberg.
Vornado is in the process of a $ 66 million redevelopment project for 555 California and 345 Montgomery Street, another building in the complex, according to a filing with the Securities and Exchange Commission in February.
Built in 1969, the 555 California building is 52 stories high, formerly known as Bank of America Tower.
Before his presidency, Trump tried to pay off his stake in real estate, Vornado Insider reported, while banks and businesses cut ties with Trump during or after the presidency. Vornado reportedly considered buying Trump’s stake, The Wall Street Journal reported earlier this year.
This company is the largest commercial real estate owner and manager in New York City.