Ken Griffin’s affiliate has acquired majority control of the joint venture planning the redevelopment of 350 Park Avenue, according to a recent filing by Vornado Realty Trust. With city approvals in place and demolition scheduled, Griffin’s group will manage the development of the new office tower.
Griffin Exercises Option
An affiliate of Kenneth C. Griffin exercised an option on Dec. 18, 2025, to acquire at least a 60% interest in the 350 Park joint venture. Under the plan, the venture is expected to combine Vornado's 350 Park parcel with 39 East 51st Street and 40 East 52nd Street into an approximately 1.85 million-square-foot, 62-story office tower anchored by Citadel, according to Vornado Realty Trust's fourth-quarter 2025 earnings release.
Deal Mechanics And The July Deadline
The Rudin family and Vornado, through a Vornado/Rudin joint venture, face a fork in the road. They can either keep skin in the game by rolling into roughly a 23% to 40% stake in the reinvented venture, or they can cash out entirely and sell the assembled site to Griffin for $1.2 billion. That decision window runs through July 2026, a key deadline first reported by Connect CRE. The choice will decide whether Griffin leads both the financing and development or whether the Rudins and Vornado stay on as principal partners in the build.
Construction Timeline And What Executives Said
On the February earnings call, company executives told investors that demolition of the existing building is slated to begin April 1, with construction following later that month. CEO Steven Roth said, "Citadel is still finalizing their space planning," and indicated the anchor tenant’s appetite for space has grown from earlier assumptions, language captured in the call transcript published by Investing.com. Those remarks suggest Citadel’s final lease size and layout are still shifting even as shovels get ready to hit the ground.
City Approval And Design
The project cleared its major political hurdle last September when the City Council signed off on the plan, paving the way for an all-electric Foster + Partners tower that will feature a block-long public plaza and widened sidewalks. The proposal leans on air-rights purchases from nearby churches and includes a contribution to an East Midtown public-realm fund, as detailed by New York YIMBY. Earlier coverage from Hoodline tracked the project's public-review phase and sustainability features.
What To Watch Next
In the near term, attention is focused on three key milestones: the Rudin/Vornado decision in July, Citadel’s finalized space plan, and the start of demolition in April. If the Rudins and Vornado choose to sell and the site transfers fully to Griffin, he would hold a larger share of the equity and decision-making authority, affecting the project’s financing and development. If they remain involved, the project would continue as a three-party venture. In either scenario, the outcome will shape the project’s timeline and the design of the office tower on Park Avenue.
