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Vornado Realty Trust plans to replace Manhattan's Hotel Pennsylvania, where Glenn Miller and Duke Ellington once played, with a 2.5-million square-foot office tower with five trading floors designed to attract financial firms, according to a report by brokers Grubb & Ellis Co.
Paramus, N.J.-based Vornado, the second-largest U.S. real estate investment trust, aims to complete the building in midtown Manhattan by 2011, according to the report, which Grubb plans to release by next week.
The planned 500,000 square feet of trading space could entice a major financial firm as the property's anchor tenant, said David Arena, president of Grubb's Manhattan office. Goldman Sachs Group Inc. is building a new headquarters...