Yesterday, the partnership comprised of Citadel/Ken Griffin (60%), Vornado (36%) and Rudin (4%) announced the completion of their joint venture agreement to build a nearly 2 million square foot office tower at 350 Park Avenue that will be anchored by Citadel with an estimated delivery date of 2032.  Construction financing of $3.3 billion lead by J.P. Morgan was also announced.  This is great news for New York, particularly after the public spat between the mayor and Griffin over the City’s proposed pied-à-terre tax.  

Three other Class A office towers totaling 4.4 million square feet are also in the works including the Amex Tower at 2 WTC (2 million sf) BXP’s 343 Madison (1 million sf) and Related’s 70 Hudson Yards (1.4 million sf) that will be Deloitte’s headquarters.  

Add to this roster J.P. Morgan’s recently completed 270 Park (2.5 million sf) and announced projects such as 175 Park and 570 Fifth.  

In total, nearly 14 million square feet of NYC Class A office towers coming online between 2028 and 2032.  Importantly, leading corporations are keeping or making New York City their headquarters, including J.P. Morgan, Amex, Citadel and Deloitte.  

Exciting Developments for New York City.  

(Photo: rendering of 350 Park)