Key Takeaways
- • Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin closed their 350 Park Avenue joint venture, with ownership split 60% to an affiliate of Griffin, 36% to Vornado and 4% to Rudin, according to a GlobeNewswire press release dated October 21, 2026.
- • Citadel Enterprise Americas LLC signed a 1.05 million square foot anchor lease in the 66-story, 1.9 million square foot tower.
- • A $3.3 billion construction loan has closed, provided by a syndicate of eight lenders including Wells Fargo, JPMorgan Chase, Bank of America, BMO, ING, PNC and Standard Chartered.
- • Construction is underway, and 850,000 square feet in the tower's high rise will be available to the broader market.
- • The project was approved through New York City's Uniform Land Use Review Procedure in September 2025 and will contribute $150 million toward maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church and more than $35 million to the East Midtown Public Realm Improvement Fund.
Summary
Vornado Realty Trust, Ken Griffin and Rudin have closed the joint venture that owns 350 Park Avenue in Midtown Manhattan, according to a company announcement issued via GlobeNewswire on October 21, 2026. Ownership is 60% held by an affiliate of Griffin, founder and CEO of Citadel, 36% by Vornado and 4% by Rudin. The announcement was made jointly by the three parties.
The partners also executed a 1.05 million square foot anchor lease with global investment firm Citadel Enterprise Americas LLC, and closed a $3.3 billion construction loan. The lenders are Wells Fargo Bank, N.A., JPMorgan Chase Bank, National Association, Bank of America, N.A., BMO Bank N.A., ING Capital LLC, PNC Bank and Standard Chartered Bank. Vornado described the financing as a vote of confidence in the tower. Construction is underway on the 66-story, 1,400-foot building, which is designed by Foster + Partners and will deliver roughly 1.9 million square feet of office space and luxury amenities. Of that total, 850,000 square feet in the high rise will be offered to the market.
The project advances the goals of the Greater East Midtown rezoning. According to the announcement, it will contribute a combined $150 million toward the maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church through the purchase of development rights, and more than $35 million to the city's East Midtown Public Realm Improvement Fund. The project was approved through New York City's Uniform Land Use Review Procedure in September 2025. Thomas J. Sanelli is the listed media contact.
The partners also executed a 1.05 million square foot anchor lease with global investment firm Citadel Enterprise Americas LLC, and closed a $3.3 billion construction loan. The lenders are Wells Fargo Bank, N.A., JPMorgan Chase Bank, National Association, Bank of America, N.A., BMO Bank N.A., ING Capital LLC, PNC Bank and Standard Chartered Bank. Vornado described the financing as a vote of confidence in the tower. Construction is underway on the 66-story, 1,400-foot building, which is designed by Foster + Partners and will deliver roughly 1.9 million square feet of office space and luxury amenities. Of that total, 850,000 square feet in the high rise will be offered to the market.
The project advances the goals of the Greater East Midtown rezoning. According to the announcement, it will contribute a combined $150 million toward the maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church through the purchase of development rights, and more than $35 million to the city's East Midtown Public Realm Improvement Fund. The project was approved through New York City's Uniform Land Use Review Procedure in September 2025. Thomas J. Sanelli is the listed media contact.
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