- Ken Griffin has acquired a 60% equity stake in the 350 Park Avenue redevelopment.
- The project will create a 1.85M SF Park Avenue office tower, with Citadel as the anchor tenant.
- Vornado Realty Trust will contribute $300M-$400M for a 36-40% ownership in the venture.
- Construction on the Park Avenue office development begins April 2026.
Major Stake in Park Avenue Office
Ken Griffin, CEO of Citadel, has acquired a 60% stake in the joint venture redeveloping 350 Park Avenue, Globe St reports. He exercised his option to secure the majority interest in the project.
Griffin is partnering with Vornado Realty Trust on the redevelopment. The team will replace the existing 30-story building with a new 1.85M SF office tower. The project ranks among the most prominent developments on Park Avenue.
Citadel will anchor the new tower. However, Griffin and Vornado have not disclosed how much space Citadel will lease. Leasing details are expected as plans move forward.
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Investor Commitments and Financing
Vornado is bringing $300M to $400M to the redesign, resulting in a 36-40% ownership share, according to CEO Steven Roth. Rudin is expected to hold the remaining 4% stake. The joint venture previously secured $164M for air rights on the site in 2023. The site sits near Grand Central Station and Fifth Avenue luxury retailers. Many investors consider it one of the most prominent addresses on Park Avenue. Griffin has also expanded aggressively in South Florida, where Citadel recently committed to additional office space in Miami’s Brickell district as part of its broader growth strategy.
Anchoring Market Performance
The 1.9M SF Park Avenue office redevelopment will boost an already robust leasing environment for Vornado. The REIT reported 960 KSF in completed office leases in Q4 and average market occupancy of 91.2%. Construction will start in April, and market watchers are closely tracking Citadel’s potential expansion. Leasing teams continue negotiations and plan to release additional details in the coming months.
