Key Takeaways
- • Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin closed their 350 Park Avenue joint venture, with ownership split 60% to an affiliate of Griffin, 36% to Vornado and 4% to Rudin, according to a GlobeNewswire release dated October 21, 2026.
- • Citadel Enterprise Americas LLC signed a 1.05 million square foot anchor lease in the 66-story, 1.9 million square foot tower designed by Foster + Partners.
- • A $3.3 billion construction loan closed for the project, provided by Wells Fargo, JPMorgan Chase, Bank of America, BMO, ING Capital, PNC and Standard Chartered.
- • Construction is underway, and 850,000 square feet in the tower's high rise will remain available to the market.
- • The project contributes $150 million toward maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church via development rights purchases, plus more than $35 million to the East Midtown Public Realm Improvement Fund.
Summary
Vornado Realty Trust, Ken Griffin and Rudin have closed their joint venture for 350 Park Avenue in Midtown Manhattan, according to a joint announcement issued through GlobeNewswire on October 21, 2026. Ownership is split 60% by an affiliate of Griffin, founder and CEO of Citadel, 36% by Vornado and 4% by Rudin. The companies also announced execution of a 1.05 million square foot anchor lease with global investment firm Citadel Enterprise Americas LLC, and the closing of a $3.3 billion construction loan.
The 66-story, 1,400-foot tower, designed by Foster + Partners, will deliver more than 1.9 million square feet of office space and amenities. Construction is underway. Approximately 850,000 square feet in the high-rise portion will be offered to the market. The loan syndicate includes Wells Fargo Bank, JPMorgan Chase Bank, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank. The companies describe the financing as a vote of confidence in the project and in Park Avenue as a premier office district.
The project was approved through New York City's Uniform Land Use Review Procedure in September 2025 and advances the goals of the Greater East Midtown rezoning. According to the release, it will contribute a combined $150 million toward the maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church through the purchase of development rights, and more than $35 million to the city's East Midtown Public Realm Improvement Fund. Thomas J. Sanelli is listed as the company contact.
The 66-story, 1,400-foot tower, designed by Foster + Partners, will deliver more than 1.9 million square feet of office space and amenities. Construction is underway. Approximately 850,000 square feet in the high-rise portion will be offered to the market. The loan syndicate includes Wells Fargo Bank, JPMorgan Chase Bank, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank. The companies describe the financing as a vote of confidence in the project and in Park Avenue as a premier office district.
The project was approved through New York City's Uniform Land Use Review Procedure in September 2025 and advances the goals of the Greater East Midtown rezoning. According to the release, it will contribute a combined $150 million toward the maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church through the purchase of development rights, and more than $35 million to the city's East Midtown Public Realm Improvement Fund. Thomas J. Sanelli is listed as the company contact.
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