Trump is a partner in exploring ways to end the relationship with the former president

One of the country’s largest real estate investors, led by a long friend of Donald Trump, is exploring ways to end a lucrative partnership with the former president’s real estate company, people familiar with the matter said.

The partnership includes the two most valuable tools of the Trump Organization. Their loss would push back the Trump Organization’s business, as it also struggled with declining travel and leisure spending as a result of the coronavirus epidemic. The sale could benefit Mr. Trump’s businesses, which will have more than $ 400 million in debt in the coming years.

Vornado Realty Trust executives recently held internal talks to buy the Trump Organization’s 30% stake in a Manhattan downtown office tower and a property in San Francisco’s financial district that the companies jointly own, experts in the case said. Vornado tried unsuccessfully to sell the properties last year. Their refinancing plan has been postponed.

When no buyers or lenders acted, the company became increasingly concerned that they would stay away because of the Trump Organization’s stake, people in the case said.

Vornado considered why they found a withholding of income from real estate from the Trump Organization, a move that could force a confrontation that would bring both parties to court and speed up the separation, the people said.