Key Takeaways
- • A joint venture including Ken Griffin's Citadel has secured $3.3 billion in construction financing to develop 350 Park Avenue in Midtown Manhattan, according to Bloomberg.
- • Banks led by JPMorgan Chase & Co. and Wells Fargo & Co. provided the construction loan to the JV, which also includes Rudin and Vornado Realty Trust.
- • Citadel has signed a lease for more than 1 million square feet at the planned 66-story tower and will become the anchor tenant upon delivery.
- • The loan closing follows original reporting by The Real Deal in August.
Summary
A joint venture that includes Ken Griffin's Citadel has secured $3.3 billion in financing to develop 350 Park Avenue in Midtown Manhattan, according to a statement reported by Bloomberg. The construction loan was provided by a group of banks led by JPMorgan Chase & Co. and Wells Fargo & Co. The joint venture also includes real estate developer Rudin and Vornado Realty Trust.
The closing marks the completion of the financing process for the project. The Real Deal first reported the news in August, and the Bloomberg report confirmed the loan closing.
Bloomberg also confirmed that Citadel has struck a lease to occupy more than 1 million square feet at the planned 66-story tower. Citadel will serve as the anchor tenant once the building is delivered, a arrangement that provides significant pre-leasing support for the development.
The transaction highlights the continued institutional appetite for large-scale Manhattan office development, with a hedge fund anchoring a major new tower through a financing structure involving leading global banks and established real estate sponsors.
The closing marks the completion of the financing process for the project. The Real Deal first reported the news in August, and the Bloomberg report confirmed the loan closing.
Bloomberg also confirmed that Citadel has struck a lease to occupy more than 1 million square feet at the planned 66-story tower. Citadel will serve as the anchor tenant once the building is delivered, a arrangement that provides significant pre-leasing support for the development.
The transaction highlights the continued institutional appetite for large-scale Manhattan office development, with a hedge fund anchoring a major new tower through a financing structure involving leading global banks and established real estate sponsors.
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