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Vornado, Ken Griffin, Rudin Finalize JV to Develop Midtown Supertall
Vornado Realty Trust, Ken Griffin and Rudin on Wednesday announced the closing of their joint venture to develop 350 Park Ave., a 1.9-million-square-foot office tower in Midtown Manhattan. The JV also announced $3.3 billion in construction financing and a 1.05-million-square-foot anchor lease with Griffin’s Citadel Enterprise Americas LLC.
The 350 Park Ave. JV ownership is comprised of a 60% stake by a Griffin affiliate, 36% by Vornado and 4% by Rudin. The loan is provided by Wells Fargo Bank, JPMorgan Chase Bank, Bank of America, BMO Bank, ING Capital LLC, PNC Bank and Standard Chartered Bank. In a statement, the JV said the financing represents “a resounding vote of confidence in the state-of-the-art office tower and further solidifies Park Avenue as the world’s premier office district.”
Construction of the 66-story supertall tower is underway. It’s anticipated for completion in 2032 and will offer 850,000 square feet of office space not occupied by Ciatdel.
- ◦Development
- ◦Financing



