Vornado Realty Trust, Ken Griffin and Rudin announced the closing of their 350 Park Avenue joint venture with ownership comprised of 60% by an affiliate of Ken Griffin, the founder and CEO of Citadel, 36% by Vornado and 4% by Rudin; execution of a 1.05 million-square-foot anchor tenant lease with global investment firm Citadel Enterprise Americas LLC and the closing of a $3.3 billion construction loan.
Construction of the 1.9 million-square-foot tower is underway.
The loan was 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.
Designed by Foster + Partners, the 66-story, the tower will set a new standard for trophy office space in Manhattan, the joint venture said.
350 Park Avenue advances the goals of the Greater East Midtown rezoning, delivering a landmark office tower and enhanced public realm in the heart of Midtown. The project 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.
Additionally, it will provide more than $35 million for the city’s East Midtown Public Realm Improvement Fund. 350 Park was approved through New York City’s Uniform Land Use Review Procedure in September 2025.
