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

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-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 11-15 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).

  • ◦Development
  • ◦Financing
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