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Vornado flags $486M gain from Va. office park sale

Vornado Realty Trust said it will recognize a fourth-quarter noncash gain of roughly $486 million from the sale of its Skyline office park in Fairfax County, Va.

As a result of the sale of the struggling property by its receiver, all assets worth about $237 million and liabilities worth about $723 million related to the project will be removed from Vornado's balance sheet.