Key Takeaways
- • Vornado Realty Trust, Ken Griffin and Rudin closed their 350 Park Avenue joint venture, with ownership of 60% 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, roughly 1.9 million square foot tower designed by Foster + Partners.
- • A $3.3 billion construction loan closed for the project, provided by a syndicate of eight banks 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 section will be available to the market.
- • The project contributes $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 (NYSE: VNO), Ken Griffin and Rudin announced on October 21, 2026 that they have closed their joint venture for 350 Park Avenue in Midtown Manhattan. Under the venture, an affiliate of Griffin, founder and CEO of Citadel, holds 60%, Vornado holds 36% and Rudin holds 4%, according to the companies' joint press release distributed via GlobeNewswire.
The partners also executed a 1.05 million square foot anchor tenant lease with global investment firm Citadel Enterprise Americas LLC. The companies said 850,000 square feet in the tower's high-rise section will be available to the market. The 66-story tower, which stands 1,400 feet tall, is designed by Foster + Partners and will deliver more than 1.9 million square feet of office space and amenities. Construction is underway.
The partners closed a $3.3 billion construction loan 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 described the financing as a vote of confidence in the project.
The companies said the project advances the goals of the Greater East Midtown rezoning. It will contribute a combined $150 million for 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 listed as the media contact.
The partners also executed a 1.05 million square foot anchor tenant lease with global investment firm Citadel Enterprise Americas LLC. The companies said 850,000 square feet in the tower's high-rise section will be available to the market. The 66-story tower, which stands 1,400 feet tall, is designed by Foster + Partners and will deliver more than 1.9 million square feet of office space and amenities. Construction is underway.
The partners closed a $3.3 billion construction loan 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 described the financing as a vote of confidence in the project.
The companies said the project advances the goals of the Greater East Midtown rezoning. It will contribute a combined $150 million for 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 listed as the media contact.
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