Griffin Secures $3.3B Construction Loan for 350 Park Avenue Office Tower

Billionaire investor Ken Griffin has secured $3.3 billion in construction financing for a 66-story office tower at 350 Park Avenue in Midtown Manhattan, according to the sponsors' announcement on Wednesday.

The project is a joint venture among Griffin, Vornado Realty Trust and Rudin. Griffin will hold a 60 percent stake, Vornado 36 percent and Rudin 4 percent. A lending syndicate led by Wells Fargo and J.P. Morgan originated the loan for the roughly 1.9 million-square-foot building.

Citadel, Griffin's financial firm, plans to lease about 1.05 million square feet in the new tower, which is slated for completion in 2032. The remaining 850,000 square feet on the upper floors will be marketed to other tenants, according to the New York Post, which first reported the loan.

The deal closed months after Mayor Zohran Mamdani publicly criticized a proposed tax on pieds-à-terre near Griffin's Central Park South penthouse, a move that drew objections from commercial real estate leaders, including Vornado CEO Steven Roth.

For developers and lenders, the transaction signals that large, pre-leased Manhattan office projects remain financeable at scale, with anchor tenant commitments carrying significant weight in underwriting.