Vornado, Griffin, Rudin close 350 Park Ave joint venture with $3.3B loan, Citadel lease
Citadel takes 1.05 million square feet in the 66-story tower, where a Griffin affiliate holds 60% of the equity.
At a glance
Vornado Realty Trust, Ken Griffin and Rudin closed their 350 Park Ave. joint venture Wednesday with $3.3 billion in financing and a Citadel anchor lease.
A Griffin affiliate holds 60% of the equity, Vornado 36% and Rudin 4%.
The project is planned at 1.9 million square feet across 66 stories, with construction underway and completion anticipated in 2032, according to Connect CRE.
Vornado Realty Trust, Ken Griffin and Rudin closed their 350 Park Ave. joint venture Wednesday with $3.3 billion in financing and a Citadel anchor lease. Citadel Enterprise Americas LLC, Griffin's firm, leased 1.05 million square feet as anchor tenant.
A Griffin affiliate holds 60% of the equity, Vornado 36% and Rudin 4%. That makes Griffin's firm the largest equity holder as well as the named anchor tenant.
The project is planned at 1.9 million square feet across 66 stories, with construction underway and completion anticipated in 2032, according to Connect CRE. Citadel's anchor lease covers 1.05 million square feet, leaving 850,000 square feet to be leased.
| Component | Party | Figure |
|---|---|---|
| Equity | Griffin affiliate | 60% |
| Equity | Vornado | 36% |
| Equity | Rudin | 4% |
| Construction loan | Wells Fargo, JPMorgan Chase, Bank of America, BMO, ING Capital, PNC, Standard Chartered | $3.3 billion |
| Anchor lease | Citadel Enterprise Americas LLC | 1.05 million sq ft |
| Tower | 350 Park Ave., 66 stories, completion 2032 | 1.9 million sq ft |
The construction loan comes from seven banks: Wells Fargo Bank, JPMorgan Chase Bank, Bank of America, BMO Bank, ING Capital LLC, PNC Bank and Standard Chartered Bank. The venture said the financing represents "a resounding vote of confidence in the state-of-the-art office tower and further solidifies Park Avenue as the world's premier office district."
This publication reported in September that Vornado had secured $3.3 billion for the tower. Wednesday's announcement adds the closed equity structure and the Citadel lease, which had not been part of the earlier reporting.
The announcement does not include asking rents, the lease term, or each bank's individual commitment.
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