Vornado to Boost Stake in $6B Citadel Tower to 36% as Project Advances
VNO sits 67% above its 52-week low of $24.57.
Summary
Vornado is exercising its option to increase its ownership in the 350 Park Avenue project to the maximum 36%, signaling strong commitment to the $6B office development with Citadel. The project is now in demolition, and Citadel will anchor with 1 million square feet. CEO Steven Roth says the brokerage community is buzzing and they're already fielding inquiries for space. This follows Vornado's recent operational wins—PENN 2 hitting 90% leased and the Park Avenue Plaza stake acquisition—reinforcing its aggressive New York office strategy. The update directly counters earlier uncertainty after Citadel's feud with Mayor Mamdani, showing the project is moving ahead despite political noise.
At the time of this announcement, VNO was trading at $41.04 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $7.7B. 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 7 out of 10. Source: Dow Jones Newswires.