Vornado Realty Trust (NYSE: VNO) and Rudin Management have agreed to form a joint venture with an affiliate of Kenneth C. Griffin, founder and CEO of Citadel, to develop a 1.9 million square foot office building at 350 Park Avenue in New York City, according to a press release.

The joint venture will be owned 60% by Griffin, 36% by Vornado, and 4% by Rudin. Vornado will serve as developer, operating member, property manager, and leasing agent, sharing co-managing member status and joint control with Griffin.

The project carries an expected development budget of approximately $6.2 billion, with $3.3 billion to be financed through a construction loan. Vornado will contribute $500 million in land to the venture and expects to make approximately $400 million in additional capital contributions over the development period.

Citadel Enterprise Americas LLC will anchor the property under a 15-year lease covering 1.05 million square feet, serving as its primary New York City office.

The joint venture and construction loan are expected to close in the third quarter of 2026.