Billionaire Ken Griffin, Vornado Realty Trust, and Rudin have secured a $3.3 billion construction loan for a new office tower at 350 Park Avenue in Manhattan.
The financing comes from a group of lenders led by Wells Fargo and JPMorgan Chase. Griffin’s Citadel has signed a lease for more than 1 million square feet (approximately 1.05 million square feet) as the anchor tenant in the planned 66-story, 1.9-million-square-foot building.
The joint venture ownership is structured with an affiliate of Griffin holding about 60%, Vornado 36%, and Rudin 4%. The tower, designed by Foster + Partners, is expected to rise roughly 1,400 feet. Construction is underway, with completion targeted for around 2032. The remaining upper floors will be marketed to other tenants.
The $3.3 billion loan is described as one of the largest construction loans ever arranged for a single building in New York City. The project advances development goals under the Greater East Midtown rezoning.
MORE HERE:
Bloomberg: https://www.bloomberg.com/news/articles/2026-10-21/ken-griffin-s-new-nyc-tower-gets-3-3-billion-construction-loan
New York Post: https://nypost.com/2026/10/21/business/nyc-ken-griffin-closes-deal-with-vornado-to-build-midtown-350-park-ave-1400-ft-skyscraper/
GlobeNewswire (via Manila Times): https://www.manilatimes.net/2026/10/21/tmt-newswire/globenewswire/vornado-ken-griffin-and-rudin-close-joint-venture-105-million-sf-anchor-lease-and-33-billion-construction-loan/2450919
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