{"id":1004634901,"date":"2022-12-12T03:27:03","date_gmt":"2022-12-12T11:27:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004634901"},"modified":"2022-12-13T10:14:06","modified_gmt":"2022-12-13T18:14:06","slug":"vornado-rudin-partner-on-1-2b-nyc-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/vornado-rudin-partner-on-1-2b-nyc-project\/","title":{"rendered":"Vornado, Rudin Partner on $1.2B NYC Office Project"},"content":{"rendered":"
\"\"<\/a>

350 Park Ave.<\/p><\/div>\n

A joint venture between Vornado Realty Trust<\/strong> and Rudin Management Co.<\/strong> has reached a series of deals intended to clear the path for development of a $1.2 billion Midtown Manhattan office tower.<\/p>\n

At the heart of the proposal are agreements with Citadel Enterprise Americas LLC and an affiliate of Kenneth C. Griffin, Citadel<\/strong>\u2019s Founder & CEO, regarding neighboring office buildings. Citadel will master lease two properties. The larger of the two, 350 Park Ave., is a 585,000-square-foot office tower acquired by Vornado for $541.5 million in 2006, according to CommercialEdge data. Also involved is 40 E. 52nd St., a 390,000-square-foot property owned by Rudin. The companies agreed on a 10-year \u201cas is\u201d lease and an annual rent of $36 million.<\/p>\n

\n

READ ALSO:<\/strong> How Deals Will Fare in 2023<\/a><\/p>\n

\n

Vornado also partnered with Rudin to acquire a 10,974-square-foot office building at 39 E. 51st St. for $40 million. The joint venture plan to combine 350 Park Ave., 40 E. 52nd St. and 39 E. 51st St. for a 1.7 million-square-foot, 1,500-foot-tall office building designed by Foster + Partners, as previously reported by The New York Yimby. <\/em><\/p>\n

Options and details<\/h2>\n

From October 2024 to June 2030, Griffin has the option to acquire a 60 percent interest in the development site and proceed with the project, with Vornado owning 36 percent and Rudin 4 percent of the partnership and a $250 million preferred equity interest in the venture.<\/p>\n

The option also includes a 15-year, 850,000-square-foot anchor lease at the proposed project for Citadel\u2019s and affiliates\u2019 primary office and the end of previous master leases upon demolition. Griffin can also acquire the site for $1.4 billion without the joint venture being part of the project.<\/p>\n

Vornado\u2019s portfolio includes more than 20 million square feet of office properties, primarily in New York City. Besides the current projects, other notable moves include securing refinancing deals totaling $3.2 billion<\/a> for multiple properties, including two Manhattan office buildings encompassing 2.2 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

The venture intends to redevelop three adjacent sites for a 1.7 million-square-foot trophy tower. <\/p>\n","protected":false},"author":2703,"featured_media":1004634904,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,1600,21742,10,21747],"tags":[42017,33000,33030],"class_list":["post-1004634901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-citadel-investment-group","tag-rudin-management-company","tag-vornado-realty-trust"],"acf":[],"yoast_head":"\nVornado, Rudin Partner on $1.2B NYC Office Project - CPE<\/title>\n<meta name=\"description\" content=\"Vornado Realty Trust and Rudin Management Co. partnered with Citadel for a 1.7 million-square-foot office tower in Manhattan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/vornado-rudin-partner-on-1-2b-nyc-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vornado, Rudin Partner on $1.2B NYC Office Project\" \/>\n<meta property=\"og:description\" content=\"Vornado Realty Trust and Rudin Management Co. partnered with Citadel for a 1.7 million-square-foot office tower in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/vornado-rudin-partner-on-1-2b-nyc-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-12T11:27:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-13T18:14:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/6902-e1670843202902.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"466\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Olivia Bunescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/vornado-rudin-partner-on-1-2b-nyc-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/vornado-rudin-partner-on-1-2b-nyc-project\/\",\"name\":\"Vornado, Rudin Partner on $1.2B NYC Office Project - 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