Key Takeaways
- • Ken Griffin's Citadel has secured $3.3 billion in construction financing for a 66-story office tower at 350 Park Avenue in Midtown Manhattan, according to Commercial Observer.
- • A lending syndicate led by Wells Fargo and J.P. Morgan Chase originated the loan for the roughly 1.9 million-square-foot building.
- • Griffin holds a 60 percent stake in a newly formed joint venture with Vornado Realty Trust (36 percent) and Rudin (4 percent).
- • Citadel will lease 1.05 million square feet, with the remaining 850,000 square feet on the upper floors to be marketed to other tenants; completion is slated for 2032.
Summary
Billionaire money manager Ken Griffin has secured $3.3 billion in construction financing to develop a 66-story office tower at 350 Park Avenue in Midtown Manhattan, the joint venture sponsors announced on Wednesday. The project is being developed by a joint venture among Griffin, Vornado Realty Trust and Rudin, with Griffin holding a 60 percent stake, Vornado 36 percent and Rudin 4 percent, according to the companies.
A lending syndicate led by Wells Fargo and J.P. Morgan Chase originated the loan, which supports a building of approximately 1.9 million square feet. Citadel, Griffin's financial firm, will lease 1.05 million square feet of the new tower, which is slated for completion in 2032. The remaining 850,000 square feet on the upper floors will be marketed to other tenants, according to the New York Post, which first reported the loan.
The financing comes months after a public dispute between Griffin and New York Mayor Zohran Mamdani. In April, Mamdani posted a social media video touting a 5 percent tax on pieds-à-terre, referencing Griffin's penthouse at 220 Central Park South. The move drew sharp criticism from commercial real estate figures, including Vornado CEO Steven Roth, who raised the issue during Vornado's first-quarter earnings call in early May. Wells Fargo and J.P. Morgan did not immediately return requests for comment.
A lending syndicate led by Wells Fargo and J.P. Morgan Chase originated the loan, which supports a building of approximately 1.9 million square feet. Citadel, Griffin's financial firm, will lease 1.05 million square feet of the new tower, which is slated for completion in 2032. The remaining 850,000 square feet on the upper floors will be marketed to other tenants, according to the New York Post, which first reported the loan.
The financing comes months after a public dispute between Griffin and New York Mayor Zohran Mamdani. In April, Mamdani posted a social media video touting a 5 percent tax on pieds-à-terre, referencing Griffin's penthouse at 220 Central Park South. The move drew sharp criticism from commercial real estate figures, including Vornado CEO Steven Roth, who raised the issue during Vornado's first-quarter earnings call in early May. Wells Fargo and J.P. Morgan did not immediately return requests for comment.
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