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Griffin, Vornado and Rudin secure $3.3B for Park Ave office tower expected to rise 66 stories

Andre Savage
Published Oct 21, 2026
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Summary:
  • A lending package totaling $3.3 billion was secured by Ken Griffin, Vornado Realty Trust and Rudin to finance a new office development on Manhattan's Park Avenue.
  • Wells Fargo & Co. and JPMorgan Chase & Co. are leading the lender group, joined by Bank of America Corp., Bank of Montreal, ING Groep NV, PNC Financial Services Group Inc. and Standard Chartered Plc.
  • Citadel signed a lease exceeding 1 million square feet, and the joint venture stakes are set at 60% for Griffin through an affiliate, 36% for Vornado and 4% for Rudin.

The deal and the building

The group lined up $3.3 billion to develop a Park Avenue office skyscraper planned to reach 66 stories in height. The tower will have 850,000 square feet available for leasing.

Who signed and who backed it

Financing comes from a syndicate led by Wells Fargo & Co. and JPMorgan Chase & Co., with Bank of America Corp., Bank of Montreal, ING Groep NV, PNC Financial Services Group Inc. and Standard Chartered Plc also participating. The partners also closed their joint venture structure for the development.

Ownership, lease and earlier uncertainty

Citadel, led by Griffin, signed a lease exceeding 1 million square feet in the building. With the JV now finalized, an affiliate of Griffin holds 60%, Vornado's stake is 36% and Rudin's is 4%. Earlier this year the project's outlook was questioned after New York Mayor Zohran Mamdani drew Griffin's ire, and Citadel Chief Operating Officer Gerald Beeson said work might be halted following comments Mamdani made while unveiling a proposal for a tax on absentee homeowners.

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What it means for your portfolio

In plain English: a signed mega-lease plus a fully arranged construction loan reduces execution risk on a headline office project and signals how much high end supply could reach the market. That is a useful read-through for pricing office REIT exposure, bank credit tied to trophy offices and New York leasing benchmarks over the next few years.

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