Content about Vornado Realty Trust

New York -- After a controversial 17-month stint, Ron Johnson is out as CEO of J.C. Penney. The company’s board said on Monday that Johnson will be replaced by Myron E. Ullman III, who had been CEO at Penney for seven years until Johnson took over in late 2011. Ullman has also been elected to the board of directors.

New York -- J.C. Penney Co. last Tuesday dominated the retail news as its shares dropped 10.6% to a four-year low after reports that one of its largest shareholders had sold a chunk of the troubled company’s stock. And in a late afternoon report, The Wall Street Journal said that a group of Penney directors is ready to get rid of CEO Ron Johnson, or push to sell the chain unless he can stop the company’s heavy bleeding this year.

Plano, Texas -- J.C. Penney Co. said Monday in a regulatory filing that it has allowed shopping center owner Vornado Realty Trust to increase its stake in the department store retailer, from 9.9% to 15.4%.

The move eases a poison-pill restriction that had prevented Vornado from previously buying additional J.C. Penney shares. It mirrors a deal struck with Penney’s largest shareholder William Ackman, who received the go-ahead to up his stake, held through his Pershing Square Capital Management hedge fund, from 16.5% to as much as 26.1%.

Watchung, N.J. -- RAS Brokerage announced that it has secured a lease for Buffalo Wild Wings at BJ’s Shopping Center, located in Watchung, N.J.

Buffalo Wild Wings has signed a lease for a 5,856-sq.-ft. end-cap at the Vornado Realty Trust-owned center.

AMPAL Restaurant group d.b.a. Buffalo Wild Wings opened its first unit at the Monmouth Mall in 2010. The Watchung store will be its second and will open on March 7. 

RAS Brokerage is the restaurant division of Plymouth Meeting, Pa.-based Fameco Real Estate, LP.

Plano, Texas -- J. C. Penney Co. announced Wednesday that its board of directors has elected William A. Ackman, founder and CEO of Pershing Square Capital Management, and Steven Roth, chairman of the board of Vornado Realty Trust, as directors.

The appointments had been previously announced on Jan. 24.