Vornado, Ken Griffin and Rudin Close Joint Venture, 1.05 Million SF Anchor Lease and $3.3 Billion Construction Loan

Citadel’s anchor commitment covers 1.05 million square feet, with another 850,000 square feet available to the market.

Rhea-AI Summary

Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin closed their 350 Park Avenue joint venture and a $3.3 billion construction loan. A Griffin affiliate owns 60% of the venture, Vornado owns 36% and Rudin owns 4%. Citadel Enterprise Americas signed a 1.05 million-square-foot anchor lease, and construction is underway.

The planned 66-story Manhattan office tower will contain 1.9 million square feet, with 850,000 square feet in its high rise available to the market. The project will contribute a combined $150 million for maintenance of St. Patrick’s Cathedral and Saint Bartholomew’s Church through development-rights purchases, plus more than $35 million to the city’s East Midtown Public Realm Improvement Fund. The project received approval through New York City’s Uniform Land Use Review Procedure in September 2025.

5 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointThe venture closed $3.3 billion in construction financing for the office project. 53% of market cap
• Moderate pointCitadel Enterprise Americas signed a 1.05 million-square-foot anchor lease at 350 Park Avenue.
• Minor pointThe joint venture closed with 36% Vornado ownership, alongside a Griffin affiliate’s 60% and Rudin’s 4%.
• Minor pointConstruction is underway on the planned 66-story, 1.9 million-square-foot office tower.
• Minor pointThe project received New York City land-use approval in September 2025.

Negative

• Major pointThe venture’s construction loan adds $3.3 billion of debt. 53% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Development-rights purchases will contribute $150 million toward maintenance of St. Patrick’s Cathedral and Saint Bartholomew’s Church. 2.4% of market cap
• Minor point. Forward-looking: it has not happened yet and may not happen.The project will provide more than $35 million to the East Midtown Public Realm Improvement Fund.

Key Figures

Construction loan: $3.3 billion JV ownership: 60% Griffin affiliate; 36% Vornado; 4% Rudin Anchor tenant lease: 1.05 million square feet +4 more

Construction loan

$3.3 billion

350 Park Avenue construction financing

JV ownership

60% Griffin affiliate; 36% Vornado; 4% Rudin

Ownership at joint-venture closing

Anchor tenant lease

1.05 million square feet

Citadel Enterprise Americas LLC

Tower area

More than 1.9 million square feet

350 Park Avenue office tower

Space available to market

850,000 square feet

Tower high rise

Church maintenance contribution

$150 million

Combined contribution through purchase of development rights

Public realm fund contribution

More than $35 million

East Midtown Public Realm Improvement Fund

Previous Partnership Reports

1 past event · Latest: Aug 11

Same Type 1 event

1. Aug 11

   Joint venture terms

   24h Move

   +1.1%

   Earlier agreement set anchor-lease, ownership and construction-loan terms; this announcement confirms joint-venture closing.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

construction loan, anchor tenant lease, development rights, forward-looking statements

4 terms

construction loan financial

"Closing of a $3.3 billion construction loan"

A construction loan is a short-term loan used to pay for building or major renovation projects, where funds are released in stages as work is completed and interest is typically charged during the construction period. It matters to investors because the loan’s safety depends on the project finishing on time and on budget—think of it like funding a recipe step-by-step—and problems such as delays, cost overruns, or falling property values can increase the risk of loss or affect returns on related investments.

anchor tenant lease technical

"Execution of a 1.05 million square foot anchor tenant lease"

A lease between a property owner and a major, traffic-driving tenant that occupies a large portion of a retail, office, or industrial property; the anchor tenant’s presence is expected to attract customers or other tenants. Anchor tenant leases are typically long‑term and may include negotiated features such as lower base rent, percentage rent, exclusive use rights, prominent signage, and co‑tenancy or termination clauses that affect the landlord’s obligations if the anchor vacates. The term is used for large tenants that materially influence a property’s rental profile and leasing strategy, most commonly in shopping centers but also in other commercial properties.

development rights regulatory

"through the purchase of development rights"

Rights granted to a person, company or government entity that authorize and control the creation, alteration or use of an asset. In real estate this normally means the legal entitlements (zoning approvals, building permits or transferable development rights) that allow specific construction or land-use changes; in commercial contracts it can mean the contractual permission to research, develop or commercialize a product or technology. These rights are defined by their scope, duration, conditions and whether they can be transferred or sold, and the precise meaning depends on whether the asset is physical property or an intellectual/contractual asset.

forward-looking statements regulatory

"may constitute “forward-looking statements” within the meaning"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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350 PARK AVENUE

66-story, 1,400 foot trophy tower will deliver more than 1.9 million square feet of world-class office space and luxury amenities – setting a new standard in New York City

Citadel Enterprise Americas LLC leases 1.05 million SF

Construction is underway

NEW YORK, Oct. 21, 2026 (GLOBE NEWSWIRE) --

Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin today announced:

• The closing of their 350 Park Avenue joint venture with ownership comprised of 60% by an affiliate of Ken Griffin, the founder and CEO of Citadel, 36% by Vornado and 4% by Rudin;
• Execution of a 1.05 million square foot anchor tenant lease with global investment firm Citadel Enterprise Americas LLC;
• Closing of a $3.3 billion construction loan
  
  

Construction of the tower is underway.

850,000 SF in the tower’s high rise with spectacular panoramic views will be available to the market.

The loan, 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, 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.

Designed by Foster + Partners, the 66-story, 1.9 million square foot tower will set a new standard for trophy office space in Manhattan.

350 Park Avenue advances the goals of the Greater East Midtown rezoning, delivering a landmark office tower and enhanced public realm in the heart of Midtown. 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. Additionally, it will provide 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.

C O N T A C T

Thomas J. Sanelli
(212) 894-7000

Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent our intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Our future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as "approximates," "believes," "expects," "anticipates," "estimates," "intends," "plans," "would," "may" or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2025. Currently, some of the factors are interest rate fluctuations and the effects of inflation on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/16385684-87af-4f4c-82cc-c503925b90bc

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What ownership stake does Vornado have in the 350 Park Avenue joint venture?

Vornado owns 36% of the closed joint venture. An affiliate of Ken Griffin owns 60%, and Rudin owns 4%.

How much space did Citadel lease at Vornado’s 350 Park Avenue project?

Citadel Enterprise Americas signed an anchor lease for 1.05 million square feet. Another 850,000 square feet in the tower’s high rise will be available to the market.

Which banks provided the 350 Park Avenue construction loan?

The $3.3 billion construction loan was provided by Wells Fargo Bank, JPMorgan Chase Bank, Bank of America, BMO Bank, ING Capital, PNC Bank and Standard Chartered Bank.