Citadel CEO Kenneth Griffin Leads $6.2 Billion NYC Office Project

Kenneth C. Griffin, the founder and CEO of Citadel, has entered a joint venture with Vornado Realty Trust and Rudin Management Company to develop a 1.9 million square foot office building at 350 Park Avenue in New York City. The project carries an estimated development budget of $6.2 billion, with $3.3 billion to be funded through a construction loan.

Under the ownership agreement, an affiliate of Griffin will hold a 60% stake, while Vornado holds 36% and Rudin holds 4%. As the anchor tenant, Citadel Enterprise Americas LLC will sign a 15-year lease for 1.05 million square feet to serve as its primary New York City office.

Vornado will serve as the developer, property manager, and leasing agent, sharing joint control over project decisions with Griffin. The joint venture and the associated loan are expected to close in the third quarter of 2026.