Vornado, Ken Griffin and Rudin Close 350 Park Avenue Joint Venture With $3.3 Billion Construction Loan

Vornado Realty Trust, Ken Griffin and Rudin closed a joint venture for 350 Park Avenue, a 66-story tower, with a 1.05 million square foot anchor lease to Citadel Enterprise Americas LLC and a $3.3 billion construction loan, Stock Titan reported on October 21, 2026. Construction is underway.

How the 350 Park Avenue Joint Venture Is Structured

Ownership of the joint venture is 60% by an affiliate of Ken Griffin, the founder and CEO of Citadel, 36% by Vornado Realty Trust and 4% by Rudin, the company said. Citadel Enterprise Americas LLC, described as a global investment firm, holds the 1.05 million square foot anchor commitment, and 850,000 square feet in the tower's high rise remains available to the market.

The $3.3 billion construction loan was provided by Wells Fargo Bank, N.A., JPMorgan Chase Bank, National Association, Bank of America, N.A., BMO Bank N.A., ING Capital LLC, PNC Bank and Standard Chartered Bank. Designed by Foster + Partners, the 66-story, 1,400 foot tower will deliver more than 1.9 million square feet of office space. The project will contribute a combined $150 million for the maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church through the purchase of development rights, and more than $35 million for the city's East Midtown Public Realm Improvement Fund. 350 Park was approved through New York City's Uniform Land Use Review Procedure in September 2025.

Vornado's Penn Station and Park Avenue Plaza Moves

According to akta.pro company records, Vornado is part of Penn Transformation Partners, a consortium with Halmar International and Skanska selected as master developer for the $8 billion Penn Station overhaul, with groundbreaking expected by the end of 2027. The same records list Vornado's total assets at approximately $15.9 billion and total debt at approximately $8.46 billion as of the first quarter of 2026, alongside nearly 20 million square feet of prime office properties in New York City.

Earlier Vornado Leasing and Development Steps

Vornado hired Elisa Young as executive vice president of retail leasing for its Manhattan portfolio, where she will oversee lease-up of 2.3 million square feet across 40 buildings, Commercial Observer reported in October 2026. In August 2026, Crain's New York Business reported that Vornado plans to relocate an entrance for a Penn Station subway stop into a mixed-use tower it intends to build near Madison Square Garden. AInvest reported that month that Vornado's office building PENN 2 reached a 90% leasing milestone, with full-floor leases signed by Veeva and Altana AI.

350 Park Avenue's Next Steps

Vornado said construction of the tower is underway, with 850,000 square feet in the high rise available to the market. The company's Penn Transformation Partners consortium expects groundbreaking on the Penn Station redevelopment by the end of 2027.