Vornado Forms $6.2B JV with Citadel's Griffin for 350 Park Avenue Trophy Tower
VNO sits 58% above its 52-week low of $24.57.
Summary
Vornado has formalized a joint venture with Kenneth C. Griffin and Rudin Management to develop a 1.9M sq ft trophy office tower at 350 Park Avenue. Griffin's Citadel will anchor the building with a 15-year, 1.05M sq ft lease. The project carries a $6.2B budget, with $3.3B in construction financing. Vornado contributes its $500M land and expects to put in ~$400M more over the development period, holding a 36% stake. This follows the August 4 news that Vornado was exercising its option to increase its ownership to the maximum 36%. The deal solidifies a marquee tenant and a premier development in the Plaza District, enhancing Vornado's trophy office portfolio. Closing is expected in Q3 2026.
At the time of this announcement, VNO was trading at $38.80 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $7.2B. The 52-week trading range was $24.57 to $43.37. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.