Ken Griffin, Vornado and Rudin secure $3.3 billion loan and anchor lease for 350 Park Avenue tower
Ken Griffin’s Citadel, Vornado Realty Trust and Rudin closed a joint venture to develop a 66‑story, roughly 1.9‑million‑square‑foot office tower at 350 Park Avenue in Manhattan. The partners obtained a $3.3 billion construction loan from a syndicate led by Wells Fargo and JPMorgan, and Citadel signed a lease for 1.05 million square feet, more than half of the building’s space. Griffin’s affiliate will own 60% of the project, Vornado 36% and Rudin 4%. Construction is underway with completion targeted for 2032.
Why it matters
The loan shows lenders remain willing to fund large Manhattan office projects when an anchor tenant is secured, reducing financing risk for Vornado. The Citadel lease provides a stable demand base that could improve the tower’s future cash flows.
Key facts
- 1The joint venture ownership is 60% by an affiliate of Ken Griffin, 36% by Vornado Realty Trust and 4% by Rudin. stocktitan.net
- 2A $3.3 billion construction loan was closed with lenders including Wells Fargo, JPMorgan, Bank of America, BMO, ING Capital, PNC and Standard Chartered. stocktitan.net
- 3Citadel Enterprise Americas LLC signed a lease for 1.05 million square feet of office space. stocktitan.net
- 4The tower will be 66 stories tall and will deliver more than 1.9 million square feet of office space. stocktitan.net
- 5Construction of the tower is underway. stocktitan.net
- 6Completion of the building is expected in 2032. commercialobserver.com
Summary written by AlphAI AI Desk from 5 of 5 sources. Not investment advice. Figures are as stated by the linked sources.