Vornado Realty Trust has acquired a 49 percent stake in Park Avenue Plaza, a trophy Class A office building that holds a gross asset valuation of $1.1 billion.

The equity was purchased from Closer Properties, while Fisher Brothers will continue to remain the majority 51 percent owner in the property located at 55 East 52nd Street in Midtown, Manhattan. Fisher will also have “joint control” over “major decisions” relating to the asset, according to a statement from Vornado.

The gross asset valuation pegs the building’s worth at $950 per square foot. The 1.2 million square foot tower is 99 percent leased, with the weighted-average lease term at 11 years and rent “substantially” below-market rents, according to Vornado.

Also, Vornado said that the move would complement its nearby properties, which include 595 Madison Avenue, 623 Fifth Avenue, 640 Fifth Avenue, 689 Fifth Avenue, 3 East 54th Street, 1290 Avenue of the Americas, 280 Park Avenue and 350 Park Avenue. Particularly, 350 Park Avenue is a 62-story office development located across the street from Park Avenue Plaza.

Another development site is 3 East 54th Street, which Vornado paid $141 million for in January. At the time, the site was ready for demolition — but it’s unclear what the developer’s plans are for it.

In the first quarter, Manhattan office activity was steady at nine million square feet, just 100,000 square feet below the total posted in the same period a year ago, according to a report from JLL. Also, vacancy dropped by 220 basis points to 13.5 percent.