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VNOBullishCorporate Developmentsnews

High materiality8/10

Citadel-Backed 350 Park JV Advances NYC Trophy Tower with Anchor Lease

Oct 21, 2026, 10:01 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Anchor lease and JV backing reduce execution risk and may support NAV/valuation; large NYC project often signals longer-term upside, though near-term liquidity depends on construction milestones.

AI summary

What happened, with direct paths to the underlying reporting

The 350 Park Avenue project team—Vornado, Ken Griffin’s Citadel affiliate, and Rudin—announced a 60/36/4% JV closing and a 1.05 million SF anchor lease to Citadel Enterprise Americas. A $3.3 billion construction loan backs the 66-story, 1,400-foot tower delivering about 1.9 million SF of premium office space, with 850,000 SF high-rise capacity. This de-risks near-term economics and could lift VNO’s NAV and valuation if the project milestones progress on schedule.

Vornado closes 350 Park Ave JV with Citadel affiliate 60%, Vornado 36%, Rudin 4%.
Citadel Enterprise Americas signs 1.05M SF anchor lease at the tower.
$3.3B construction loan closed; construction underway.
Tower: 66 stories, 1,400 ft, total 1.9M SF of office space.

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