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Vornado and Rudin Management Enter Joint Venture with Citadel for $6.2B Office Development

Vornado and Rudin Management announced that they have formally agreed to enter into a joint venture with an affiliate of Kenneth Griffin, Citadel's founder and CEO, for the development of a 1.9M square foot trophy office building at 350 Park Avenue. In connection with the development, Citadel Enterprise Americas will enter into a 15-year, 1.05M square foot anchor lease at the property to serve as its primary New York City office. The joint venture will be owned 60% by Kenneth Griffin, 36% by Vornado and 4% by Rudin. The project development budget is expected to be approximately $6.2B, of which $3.3B will be financed through a construction loan. Taking into account Vornado's $500M land contribution to the joint venture, Vornado expects to make approximately $400M of additional capital contributions over the development period. Vornado will serve as the developer, operating member, property manager and leasing agent and receive customary fees in connection with such services. Vornado and Kenneth Griffin will be the co-managing members and have joint control over decisions. The joint venture and construction loan are expected to close in the third quarter of 2026.