Steven Roth, head of Vornado Realty Trust and Alexander’s Inc., spent over $300 million to secure Bloomberg’s lease renewal at 731 Lexington Avenue, a key Midtown East property. Bloomberg’s 900,000-square-foot lease, which runs through 2040, costs $98 per square foot with a rent cap of $109 per square foot. Roth invested $200 million in free rent and capital improvements and committed an additional $124 million for further upgrades. A $500 million mortgage on the property, which matured in June, was refinanced for $400 million, requiring Roth to contribute $115 million in fresh capital.
731 Lexington Avenue
