Ken Griffin and Vornado Back 1.85M SF Redevelopment of 350 Park Avenue in Midtown Manhattan

• Citadel CEO Ken Griffin has taken a 60% equity stake in the redevelopment of 350 Park Avenue.
• The project will deliver a 1.85 million square foot Class A office tower in Midtown Manhattan.
• Vornado Realty Trust is expected to invest $300M to $400M for a 36% to 40% ownership stake, with construction planned for April 2026.

What Ken Griffin’s investment signals for the Park Avenue office market

Ken Griffin, founder and CEO of Citadel, is backing the redevelopment of 350 Park Avenue, committing a 60 percent equity stake in the venture. The investment places one of the world’s largest hedge funds behind a major new office tower in Midtown Manhattan. The project calls for the construction of a 1.85 million square foot office tower, positioning Citadel as the anchor tenant in what is expected to become a flagship headquarters-level property along Park Avenue. Despite broader concerns surrounding the office sector, the investment highlights continued demand for trophy office assets in prime locations.

What Vornado Realty Trust is contributing to the redevelopment

Vornado Realty Trust, one of New York’s largest office landlords, is expected to contribute between $300 million and $400 million to the project. That capital would secure the firm an estimated 36 percent to 40 percent ownership stake in the redevelopment. Vornado already controls a significant portfolio of office properties along Park Avenue and throughout Midtown, making the project a strategic addition to its Class A office holdings in Manhattan’s most valuable corridor. Construction on the tower is expected to begin in April 2026, marking the start of one of the most closely watched office developments in New York.

What the 350 Park Avenue project means for the future of office development

The redevelopment of 350 Park Avenue reflects the flight to quality trend reshaping the office market. While older office buildings face rising vacancy, new trophy developments with strong tenants and prime locations continue to attract capital and leasing interest. Large financial firms and hedge funds are increasingly seeking headquarters-quality space with modern amenities, sustainability features, and flexible layouts. Projects like 350 Park Avenue are expected to set new benchmarks for rents, tenant expectations, and building design in Midtown Manhattan.

What this signal for investors targeting prime office assets

The backing of both Citadel and Vornado reinforces a growing belief among institutional investors that top-tier office assets remain viable investments, even as the broader office market undergoes a reset. For landlords and investors, the message is clear: prime location, strong sponsorship, and high-end construction remain key drivers of demand. As construction begins in 2026, the redevelopment of 350 Park Avenue could become one of the defining office projects of the next development cycle in Manhattan.