Key Takeaways
- • Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin closed their 350 Park Avenue joint venture, with ownership of 60% held by an affiliate of Griffin, 36% by Vornado and 4% by Rudin.
- • Citadel Enterprise Americas LLC signed a 1.05 million square foot anchor lease in the 66-story, 1,400-foot tower, which will deliver more than 1.9 million square feet of office space.
- • A $3.3 billion construction loan was closed from a syndicate of eight lenders: Wells Fargo, JPMorgan Chase, Bank of America, BMO, ING Capital, PNC and Standard Chartered, with construction now underway.
- • The project commits a combined $150 million to maintain St. Patrick's Cathedral and Saint Bartholomew's Church via development rights purchases, plus more than $35 million for the East Midtown Public Realm Improvement Fund.
Summary
Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin announced on October 21, 2026 the closing of their joint venture for 350 Park Avenue in Midtown Manhattan, along with a 1.05 million square foot anchor lease with Citadel Enterprise Americas LLC and a $3.3 billion construction loan. Per the release, the venture is owned 60% by an affiliate of Griffin, founder and CEO of Citadel, 36% by Vornado and 4% by Rudin. Construction of the tower is underway.
The 66-story, roughly 1,400-foot tower is designed by Foster + Partners and will provide more than 1.9 million square feet of office space. Citadel's lease accounts for 1.05 million square feet, and 850,000 square feet in the high-rise with panoramic views will be available to the market. The company describes the building as a trophy office tower intended to set a new standard for Manhattan office space.
The $3.3 billion construction loan was provided by 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. The companies characterize the financing as a vote of confidence in the project.
The project is tied to the Greater East Midtown rezoning. According to the announcement, it will contribute a combined $150 million toward 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.
The release notes that its forward-looking statements are subject to risks including interest rate fluctuations and inflation, as detailed in Vornado's 2025 Form 10-K. For context from Quiver Quantitative's data, Vornado reported Q2 2026 revenue of $462.2 million, up 4.71% year over year, and insiders have recorded seven open-market trades over the past six months, four purchases and three sales.
The 66-story, roughly 1,400-foot tower is designed by Foster + Partners and will provide more than 1.9 million square feet of office space. Citadel's lease accounts for 1.05 million square feet, and 850,000 square feet in the high-rise with panoramic views will be available to the market. The company describes the building as a trophy office tower intended to set a new standard for Manhattan office space.
The $3.3 billion construction loan was provided by 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. The companies characterize the financing as a vote of confidence in the project.
The project is tied to the Greater East Midtown rezoning. According to the announcement, it will contribute a combined $150 million toward 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.
The release notes that its forward-looking statements are subject to risks including interest rate fluctuations and inflation, as detailed in Vornado's 2025 Form 10-K. For context from Quiver Quantitative's data, Vornado reported Q2 2026 revenue of $462.2 million, up 4.71% year over year, and insiders have recorded seven open-market trades over the past six months, four purchases and three sales.
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