Vornado Realty is looking for a buyer for Merchandise Mart, sources say

09/7/2010 | ChicagoBusiness.com

Vornado Realty Trust is said to be interested in selling its subsidiary Merchandise Mart, which it acquired in 1998 for $630 million. Vornado has received a $1.25 billion offer, but that deal didn't close, according to sources. The showrooms have not weathered the recession well and don't fit with Vornado's office and retail holdings, according to analysts. "The Mart division has been identified by management as an asset best owned and operated by someone else," says John Guinee with Stifel Nicolaus & Co.

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