Weekly Real Estate News
In brief: Vornado Realty Trust, Ken Griffin and Rudin have completed a $3.3 billion construction financing and finalized the ownership venture for 350 Park Avenue, a 66-story office tower in Midtown Manhattan. The partners also executed a 1.05-million-square-foot anchor lease with Citadel Enterprise Americas.
The three completed transactions were announced October 21, 2026, at 9:09 a.m. Eastern in a company-issued release. Their individual execution times were not disclosed. This is a financing closing, not merely an agreement to seek a loan.
Seven banks finance a new Manhattan office landmark
The lending group consists of Wells Fargo, JPMorgan Chase, Bank of America, BMO, ING Capital, PNC and Standard Chartered. The financing supports a tower designed by Foster + Partners with approximately 1.9 million square feet of office space. Construction is underway.
An affiliate of Griffin, Citadel’s founder and chief executive, holds 60% of the joint venture. Vornado owns 36% and Rudin holds 4%. Citadel’s lease covers 1.05 million square feet, leaving approximately 850,000 square feet available in the upper portion of the tower.
The project is planned to rise approximately 1,400 feet. The partners also described $150 million in development-rights purchases supporting St. Patrick’s Cathedral and Saint Bartholomew’s Church, plus more than $35 million for Midtown public improvements.
Why this financing matters
The closing illustrates the divide within the office market. Many existing properties continue to confront refinancing costs, vacancies and uncertain valuations, yet lenders are willing to back a highly specified new project with an unusually large anchor commitment.
The $3.3 billion figure is the construction loan amount, not the completed building’s valuation or total project cost. The transaction does not establish that financing conditions have improved equally for older or less-leased office buildings.
For commercial real estate lenders, the combination of institutional sponsorship, substantial preleasing and a prominent location helps explain why this project can attract financing even while the wider office market remains uneven.
Source: Vornado Realty Trust, October 21, 2026.
