Ken Griffin has partnered with Vornado Realty Trust and Rudin to secure $3.3 billion in construction financing for a 66-story office tower at 350 Park Avenue in Midtown Manhattan. The sponsorship announced the deal on Wednesday, confirming that a lending syndicate led by Wells Fargo and J.P. Morgan Chase originated the loan for the 1.9 million-square-foot building, according to Commercial Observer.
Griffin holds a 60 percent stake in 350 Park Avenue under the newly formed joint venture, with Vornado holding 36 percent and Rudin holding four percent. Griffin's Citadel financial firm will lease 1.05 million square feet in the tower, which is slated for completion in 2032.
What happened
The joint venture landed the $3.3 billion loan to advance development of the Midtown Manhattan site. According to the New York Post, which first reported the loan, the remaining 850,000 square feet on the building's upper floors will be marketed to other commercial tenants.
Commercial Observer reported that the closing followed a public dispute between Griffin and New York Mayor Zohran Mamdani. In April, Mamdani posted a social media video in front of Griffin's penthouse at 220 Central Park South to advocate for a tax on pieds-a-terre. The video drew criticism from commercial real estate leaders, including Vornado chief executive officer Steven Roth, who addressed the situation during a first-quarter earnings call in early May. Wells Fargo and J.P. Morgan Chase did not immediately return requests for comment.
What it changes for a closing
For loan closings involving joint ventures, counsel and title teams must structure credit documents around precise equity allocations and partner roles. With Griffin owning 60 percent, Vornado holding 36 percent, and Rudin holding four percent, the syndicate led by Wells Fargo and J.P. Morgan Chase must tie disbursement schedules, completion covenants through 2032, and sponsor obligations across the venture members.
The scale of Citadel's anchor commitment also defines the closing process. Closing teams managing a 1.9 million-square-foot development must coordinate loan agreements with lease milestones for Citadel's 1.05 million-square-foot space, while establishing underwriting terms for marketing the remaining 850,000 square feet to outside tenants.