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. 52nd 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.
Vornado also is partnering with Rudin to acquire 39 E. 51st, an adjacent 11K SF building. The plan is to combine the three properties and build a new tower on the consolidated sites. Vornado purchased 350 Park Avenue in 2006 for $542M.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
