Vornado Realty Trust, an affiliate of Ken Griffin and Rudin have closed a joint venture to develop 350 Park Ave., a 1.9 million-square-foot office tower planned for Midtown Manhattan. The partners also secured $3.3 billion in construction financing for the project and confirmed that Griffin’s Citadel Enterprise Americas LLC will anchor the building under a 1.05 million-square-foot lease.
The joint venture’s ownership structure allocates a 60% stake to a Griffin affiliate, 36% to Vornado and 4% to Rudin. According to the venture, the new capital stack and lease commitment position 350 Park Ave. as a major new addition to Park Avenue’s office corridor, with a focus on large-scale, modern workspace in a high-profile business district.
The construction loan is being provided by a bank group that includes Wells Fargo Bank, JPMorgan Chase Bank, Bank of America, BMO Bank, ING Capital LLC, PNC Bank and Standard Chartered Bank. In a statement, the joint venture described the financing as a strong endorsement of the project and of Park Avenue’s standing as a leading global office address.
Plans call for a 66-story supertall office tower that is already under construction. The building is expected to deliver in 2032, adding significant new Class A office inventory to Midtown Manhattan upon completion. Citadel’s lease will occupy a substantial portion of the tower, with approximately 850,000 square feet of office space available for other tenants once the project opens.
The 350 Park Ave. development advances at a time when capital for large ground-up office projects has become more selective, making both the scale of the construction loan and the long-term anchor commitment notable for the Midtown office market. With the venture partners in place, financing secured and a major tenant committed, the project establishes a long-term redevelopment play along Park Avenue focused on large-block, high-end office demand.
