Griffin, Vornado and Rudin close $3.3B construction loan for 350 Park Avenue

Ken Griffin's joint venture with Vornado Realty Trust and Rudin has closed $3.3 billion of construction financing for a 66-story office tower at 350 Park Avenue, the sponsorship announced Wednesday. A lending syndicate led by Wells Fargo and J.P. Morgan Chase originated the loan for the 1.9 million-square-foot building, equal to roughly $1,740 per rentable square foot.

Citadel, Griffin's firm, will lease 1.05 million square feet — about 55 percent of the tower — with completion slated for 2032. Under the newly formed joint venture, Griffin holds 60 percent, Vornado 36 percent and Rudin 4 percent. The remaining 850,000 square feet on the upper floors will be marketed to other tenants, according to the New York Post, which first reported the loan.

In September this publication reported that JPMorgan was in talks to lead a $3.8 billion construction loan for Extell's 86-story condo tower on the former ABC site. That financing came after Vornado secured $3.3 billion for 350 Park Avenue. Wells Fargo and J.P. Morgan Chase also led a $550 million CMBS refinancing of the Avenue of the Stars campus in Century City, a loan this publication reported on Oct. 13.