Vornado Realty Trust, Citadel founder and CEO Ken Griffin and Rudin Management closed a $3.3 billion construction loan for a Manhattan office tower, advancing a development Vornado has estimated will cost about $6.2 billion.
The partners announced the financing Oct. 21 alongside the completion of their ownership venture and a signed lease with Citadel Enterprise Americas LLC. An affiliate of Griffin owns 60% of the venture, Vornado owns 36% and Rudin owns 4%.
Citadel Enterprise Americas will be the anchor tenant at 350 Park Avenue, leasing 1.05 million square feet of the planned 1.9 million-square-foot tower. Construction is underway. The partners said 850,000 square feet in the tower’s high-rise portion will be available for lease.
Seven lenders provided the loan: Standard Chartered Bank; PNC Bank; ING Capital LLC; BMO Bank N.A.; Bank of America, N.A.; JPMorgan Chase Bank, National Association; and Wells Fargo Bank, N.A.
When the partners announced their agreement in August, Vornado estimated the project’s total development cost at about $6.2 billion. It said it expected to contribute about $400 million in additional capital during development, alongside a $500 million land contribution.
Vornado is to develop and manage the property and receive fees for those services. In August, it described Citadel’s proposed lease as a 15-year commitment for the firm’s primary New York City office.
Foster + Partners designed the 66-story tower. New York City approved the project in September 2025 through its Uniform Land Use Review Procedure. Vornado has linked the development to the Greater East Midtown rezoning.
Vornado expects $150 million from purchases of development rights to go toward maintaining St. Patrick’s Cathedral and Saint Bartholomew’s Church. The partners said the project will also provide more than $35 million to the city’s East Midtown Public Realm Improvement Fund.
