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An Undervalued Play on Shifting NYC Office Market

Vornado Realty is set to benefit from the Hudson Yards project with 6.5 million square feet of office space and half a million square feet of retail property just east of the incoming development.

We believe that investors can gain exposure to a monumental shift in the Manhattan office market through a company poised to reap benefits through its existing positions as opposed to risky development spend with undervalued, no-moat

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About the Author

Brad Schwer

Equity Analyst

Brad Schwer is an equity analyst for Morningstar Research Services, LLC, a wholly owned subsidiary of Morningstar, Inc. He covers real estate investment trusts.

Prior to joining Morningstar in 2016, Schwer worked at CME Group as an investigator in the market regulation department.

Schwer holds a bachelor’s degree in finance from Illinois State University and a master’s degree in business administration from the University of Chicago Booth School of Business. He is a Level II candidate in the Chartered Financial Analyst® program.

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