Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Midtown New York  + Office  | 

Ken Griffin Taking Majority Stake in Venture to Develop Supertall Midtown Tower

Citadel founder Ken Griffin has exercised an option to acquire at least 60% of a joint venture that would develop the 350 Park Ave. site in Midtown Manhattan, Vornado Realty Trust revealed in announcing its fourth-quarter 2025 earnings. The Rudin Family and Vornado have the option to acquire an interest between 23% and 40% in the 350 Park JV and have until July to decide whether to enter the JV or sell the site to Griffin for $1.2 billion.

The development would combine 350 Park Ave. with 39 E. 51st St. (owned by the Vornado/Rudin JV) and 40 E. 52nd St. (owned by the Rudin Family) to build a 62-story 1,850,000 square foot office tower, with Citadel as the supertall’s anchor tenant.

On Vornado’s Q4 2025 earnings call, chairman and CEO Steven Roth said, “Citadel is still finalizing their space planning… In general, their appetite for space has grown from the original deal.”

Rendering courtesy of DBOX for Foster + Partners.

Connect

Inside The Story

Vornado Realty Trust

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Development
New call-to-action