Citadel, Vornado and Rudin Secure $3.3 bn Loan for 350 Park Avenue Tower

Ken Griffin, Vornado Realty Trust, and Rudin finalized a joint venture for a 66-story Manhattan skyscraper, securing a $3.3B construction loan. Griffin's Citadel will own 60%, leasing 1.05M sq ft. Construction is underway, with completion tied to NYC's rezoning initiative.

Ken Griffin, in a joint venture with Vornado Realty Trust and Rudin, secured a $3.3B construction loan from Wells Fargo and J.P. Morgan for a 66-story office tower at 350 Park Avenue. Griffin's Citadel will lease 1.05M sq ft, with completion expected in 2032. The deal follows a public feud with New York Mayor Zohran Mamdani.

Ken Griffin, Vornado Realty Trust, and Rudin secured a $3.3 billion construction loan from Wells Fargo and JPMorgan for a 66-story Park Avenue office tower. Citadel leased over 1 million square feet, with 850,000 square feet remaining. Griffin holds 60%, Vornado 36%, and Rudin 4% of the project, which faced uncertainty due to a tax proposal clash with Mayor Mamdani.

Vornado Realty Trust (VNO) secured a $3.3B loan for 350 Park Avenue and signed a 1.05M SF lease with Citadel Enterprise Americas LLC, according to the company. Construction is underway.

Vornado Realty Trust, Ken Griffin, and Rudin announced a joint venture for 350 Park Avenue, with Citadel leasing 1.05M SF. A $3.3B construction loan was secured from multiple banks. The 66-story tower, designed by Foster + Partners, will offer 1.9M SF of office space. Construction is underway. (VNO)

Vornado Realty Trust (VNO) has partnered with Rudin Management and a Kenneth C. Griffin affiliate to develop a 1.9M sq ft office tower at 350 Park Avenue. VNO's share price is $37.88, down 4.63% in the past month but up 15.84% over 90 days. Analysts' consensus price target is $36.08, with estimates ranging from $28.0 to $45.0. A DCF model suggests a fair value of $53.08, indicating a 28.6% undervaluation.