Vornado Realty Trust (NYSE: VNO), Ken Griffin and Rudin have closed their 350 Park Avenue joint venture, owned 60% by an affiliate of Griffin, 36% by Vornado and 4% by Rudin. Citadel Enterprise Americas LLC signed a 1.05 million square foot anchor lease, and construction of the 66-story tower is underway. A $3.3 billion construction loan was provided by a group of banks including Wells Fargo, JPMorgan Chase and Bank of America. The 1.9 million square foot tower will make 850,000 SF available to the market in its high-rise. The project will contribute $150 million toward maintenance of St. Patrick's Cathedral and Saint Bartholomew's Church and more than $35 million to the East Midtown Public Realm Improvement Fund.
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Original headline: Vornado , Ken Griffin and Rudin Close Joint Venture , 1 . 05 Million SF Anchor Lease and $3 . 3 Billion Construction Loan
Read the original on manilatimes.net ↗
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