Vornado, Ken Griffin and Rudin close 350 Park Avenue joint venture
VNO•Vornado Realty Trust, a Ken Griffin affiliate and Rudin closed a joint venture to develop 350 Park Avenue in Manhattan, backed by a $3.3 billion construction loan. Citadel Enterprise Americas signed a 1.05 million-square-foot anchor lease, and 850,000 square feet will be available to the market.
1. Joint venture closes
A Griffin affiliate owns 60% of the venture, Vornado holds 36% and Rudin holds 4%. The venture secured a $3.3 billion construction loan.
2. Tower construction underway
Construction is underway on the 66-story tower, which will deliver more than 1.9 million square feet. Citadel Enterprise Americas signed a 1.05 million-square-foot anchor lease, with 850,000 square feet available to the market.
