Vornado Realty Trust is looking to raise between $550 million and $600 million through a bond sale, the Wall Street Journal said, citing people familiar with the matter.

The bond sale, which would qualify for a major government program aimed at reviving the commercial-property market, is expected to be introduced in the fall, the sources told the daily.

If the deal went ahead, Vornado would join Developers Diversified Realty Corp to be among the first to take advantage of the Term Asset-Backed Securities Loan Facility (TALF) program.

The Fed is offering loans to investors for commercial mortgage-backed securities under its Term Asset-Backed Securities Loan Facility, or TALF, in an attempt to revive markets both for new and existing commercial bonds.

Vornado was not immediately available for comments.

(Reporting by Nivedita Bhattacharjee in Bangalore, editing by Will Waterman)

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