Joint VentureAug 11, 2026, 04:25 PM
Vornado, Rudin, Citadel Form JV for $6.2B Park Ave Development
AI Summary
Vornado Realty Trust and Rudin Management have partnered with Kenneth C. Griffin (Citadel's Founder and CEO) in a joint venture to develop a 1.9 million square foot trophy office building at 350 Park Avenue. Citadel Enterprise Americas LLC will serve as the anchor tenant with a 15-year, 1.05 million square foot lease. The project has an estimated budget of $6.2 billion, with Vornado holding a 36% stake and contributing land valued at $500 million, plus an additional $400 million in capital contributions. Vornado will also act as the developer, property manager, and leasing agent, earning customary fees.
Key Highlights
- Vornado, Rudin, and Kenneth C. Griffin (Citadel) formed a joint venture for 350 Park Avenue development.
- Citadel Enterprise Americas LLC will sign a 15-year, 1.05 million sq ft anchor lease at the property.
- The project development budget is approximately $6.2 billion.
- $3.3 billion of the project will be financed through a construction loan.
- Vornado's ownership in the JV is 36%, KG's is 60%, and Rudin's is 4%.
- Vornado will contribute $500 million in land and approximately $400 million in additional capital.
- Vornado will serve as developer, operating member, property manager, and leasing agent.
Price Impact
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