Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin have closed a joint venture for the development of 350 Park Avenue in Manhattan, secured a $3.3 billion construction loan and executed a 1.05 million square foot anchor lease with Citadel Enterprise Americas LLC, according to a press release.

The joint venture ownership is structured with an affiliate of Ken Griffin, founder and CEO of Citadel, holding 60%, Vornado holding 36% and Rudin holding 4%. Construction of the tower is underway.

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

Designed by Foster + Partners, the 66-story tower will rise 1,400 feet and deliver approximately 1.9 million square feet of office space. An additional 850,000 square feet in the tower's high-rise section will be available to the market.

The project was approved through New York City's Uniform Land Use Review Procedure in September 2025. It 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, and more than $35 million for the city's East Midtown Public Realm Improvement Fund.