Citadel founder Ken Griffin has exercised an option to acquire at least 60% of a joint venture that would develop the 350 Park Ave. site in Midtown Manhattan, Vornado Realty Trust revealed in announcing its fourth-quarter 2025 earnings. The Rudin Family and Vornado have the option to acquire an interest between 23% and 40% in the 350 Park JV and have until July to decide whether to enter the JV or sell the site to Griffin for $1.2 billion.
The development would combine 350 Park Ave. with 39 E. 51st St. (owned by the Vornado/Rudin JV) and 40 E. 52nd St. (owned by the Rudin Family) to build a 62-story 1,850,000 square foot office tower, with Citadel as the supertall’s anchor tenant.
On Vornado’s Q4 2025 earnings call, chairman and CEO Steven Roth said, “Citadel is still finalizing their space planning… In general, their appetite for space has grown from the original deal.”
Rendering courtesy of DBOX for Foster + Partners.
The post Ken Griffin Taking Majority Stake in Venture to Develop Supertall Midtown Tower appeared first on Connect CRE.