Vornado Realty Trust And Rudin Management Form JV With Kenneth C. Griffin Affiliate For 1.9M Sq. Ft. Trophy Office At 350 Park Avenue; Citad

Vornado Realty Trust (NYSE: VNO ) and Rudin Management announced today that they have formally agreed to enter into a joint venture with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO ("KG"), for the development of a 1.9 million square foot trophy office building at 350 Park Avenue. In connection with the development, Citadel Enterprise Americas LLC will enter into a 15-year, 1.05 million square foot anchor lease at the property to serve as its primary New York City office. The joint venture will be owned 60% by KG, 36% by Vornado and 4% by Rudin. The project development budget is expected to be approximately $6.2 billion, of which $3.3 billion will be financed through a construction loan. Taking into account Vornado’s $500 million land contribution to the joint venture, Vornado expects to make approximately $400 million of additional capital contributions over the deve...