Vornado Reaches Deal to Build $1.2B Park Avenue Tower

Citadel to master lease two buildings on project site, which Griffin has option to buy for $1.4B.

A joint venture between Vornado Realty Trust and Rudin Management Co. has cut a deal with Citadel Enterprises America that will facilitate the building of a new 1.7M SF office tower on NYC’s Park Avenue.

Citadel will master lease 350 Park Ave., a 585K SF office tower owned by Vornado, and 40 E. 52^nd ST., a 390K SF building owned by Rudin. According to the terms of the deal, the companies have agreed to a 10-year “as is” lease with an annual rent of $36M.

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Jack Rogers

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