Vornado, Rudin Join Partnership for $6.2B Manhattan Project

August 12, 2026

Office Development Featured New York More News Northeast

The project secured a $3.3 billion construction loan from an undisclosed lender.

Worm's eye view of Park Avenue Plaza, an office tower in Manhattan's Plaza District. — The future office property at 350 Park Ave. will stand across the street from Park Avenue Plaza, which is 49 percent owned by Vornado. *Image courtesy of Yardi Matrix*

Vornado Realty Trust and Rudin Management Co. have entered into a joint venture with Citadel Enterprise Americas’ Founder & CEO Kenneth Griffin to develop a 62-story, 1.9 million-square-foot office tower at 350 Park Ave. in Manhattan’s Plaza District. Vornado contributed $500 million in land value to the joint venture.

Estimated to reach a total value of $6.2 billion, the project has already secured a $3.3 billion construction loan from an undisclosed lender—marking one of the largest financing packages in New York City history, The Real Deal reported.

Citadel CEO Kenneth Griffin will own a 60 percent stake in the joint venture, while Vornado and Rudin Management will hold 36 percent and 4 percent interests, respectively. Vornado will serve as the project’s developer and operating member, overseeing property management and leasing. The company, together with Griffin, will be co-managing members with joint control over decision-making.

Citadel Enterprise Americas has agreed to a 15-year lease for approximately 1.05 million square feet at the future tower, which will serve as the firm’s New York headquarters. Unlike many other trophy office developments, which often break ground without a committed tenant, the project is anchored by a long-term lease, reflecting continued demand for premium, tailor-made office space.

The tower will rise near several of Vornado’s Plaza District holdings, including 280 Park Ave., Park Avenue Plaza, 623 Fifth Ave., 640 Fifth Ave., 689 Fifth Ave., 3 E. 54th St. and 1290 Avenue of the Americas.

Vornado keeps busy

In April, Vornado acquired a 49 percent stake in Fisher Brothers’ Park Avenue Plaza across the street from the future high-rise, from Closer Properties. The 1.2 million-square-foot office tower is valued at $1.1 billion, and the REIT assumed its share of the property’s $575 million debt.

In the first quarter of 2026, Vornado received two large refinancing packages for two other office assets, namely the 944,571-square-foot One Park Avenue and the 477,000-square-foot 7 W 34th St., both in the Murray Hill neighborhood. For the first one, the company obtained a $525 million loan and for the second one, a $250 million note from a private lender.