Vornado, Ken Griffin and Rudin close $3.3 B loan and anchor lease for 350 Park Avenue tower
Vornado Realty Trust, a Ken Griffin affiliate and Rudin formed a joint venture to develop a 66‑story, 1.9 million‑square‑foot office tower at 350 Park Avenue in Manhattan. The partners secured a $3.3 billion construction loan from a consortium of lenders led by Wells Fargo and JPMorgan. Citadel Enterprise Americas LLC signed an anchor lease for about 1.05 million square feet, leaving roughly 850,000 square feet for other tenants. The ownership split is 60% Griffin, 36% Vornado and 4% Rudin.
Why it matters
The loan shows lenders will still fund large Manhattan office projects when an anchor tenant is in place, which may encourage similar financing for other trophy towers. The anchor lease provides a solid revenue base for the new building, reducing early‑stage risk for investors in the joint venture.
Key facts
- 1The joint venture ownership is 60% held by an affiliate of Ken Griffin, 36% by Vornado Realty Trust and 4% by Rudin. stocktitan.net
- 2Citadel Enterprise Americas LLC signed a lease for 1.05 million square feet in the tower. stocktitan.net
- 3The partners closed a $3.3 billion construction loan provided by lenders including Wells Fargo, JPMorgan, Bank of America, BMO, ING Capital, PNC and Standard Chartered. stocktitan.net
- 4The tower will contain more than 1.9 million square feet of office space across 66 stories. stocktitan.net
- 5After the anchor lease, about 850,000 square feet remain available for other tenants. finance.yahoo.com
- 6The project faced uncertainty earlier in the year due to a tax proposal from Mayor Zohran Mamdani targeting absentee owners. finance.yahoo.com
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.