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by Jonathan O’Connell

Springfield, VA – Vornado Realty Trust, the New York firm that is turning the former Springfield Mall into Springfield Town Center, announced a deal Monday to sell the property for $465 million to Pennsylvania Real Estate Investment Trust.

The mall’s overhaul is still underway, with completion slated in October. The purchase deal, in which Vornado will receive $340 million in cash and a $125 million stake in the property’s new owner, is expected to close no later than March 31.

Springfield Mall opened in the mid-1970s and became a destination for department storegoers in Northern Virginia. But as the mall began to fall out of favor with shoppers and the Tysons Corner malls increased their dominance, Vornado in 2012 launched a major project to remake the property.

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