New York & Tri-State + Midtown New York + Office | January 25, 2023

Vornado, Rudin and Ken Griffin have entered into an agreement for three Midtown Manhattan office towers

Vornado, Rudin Finalize Deals with Citadel and Ken Griffin

Vornado Realty Trust and Rudin completed the previously announced transactions with Citadel Enterprise Americas LLC and with an affiliate of Ken Griffin, Citadel’s founder and CEO, relating to 350 Park Ave. and 40 E. 52nd St. All third-party approvals have been obtained and the master lease and other agreements are effective.

As announced in December, Citadel will master lease Vornado’s 585,000-square-foot 350 Park Ave. office building on an “as is” basis for 10 years. Citadel will also master lease Rudin’s adjacent 390,000-square-foot property at 40 E. 52nd St.

Additionally, Vornado entered into a joint venture with Rudin to purchase 39 E. 51st St. for $40 million. The JV combines 39 E. 51st, 350 Park and 40 E. 52nd for a development site valued at $1.2 billion. Griffin has options to acquire a 60% stake in the JV or the entire site, with or without Vornado and Rudin attached as developers.

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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 13-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 15-20 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).

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