KKR Signs Lease at San Francisco Tower Vornado Owns With Trump
(Bloomberg) -- KKR & Co has renewed its lease for office space at a San Francisco tower owned by Vornado Realty Trust and the Trump Organization.
The 52-story building at 555 California St. now has an occupancy rate of 98%, Vornado said Tuesday on its earnings call. Bank of America Corp. and Goldman Sachs Group Inc. have also renewed leases at the skyscraper.
Last year, Vornado tried selling 555 California and Manhattan’s 1290 Avenue of the Americas, which it also owns with Trump. It shelved those efforts and turned instead to refinancing.
On Friday, investors snatched up $1.2 billion of bonds linked to 555 California in a refinancing deal that gives Vornado and Trump a $617 million payout.
While Vornado majority owns both 555 California and 1290 Avenue of the Americas, Trump’s 30% stake in those properties is the most valuable part of his portfolio, making up about a third of Donald Trump’s $2.3 billion fortune, according to the Bloomberg Billionaires Index.
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