NEW YORK | 350 Park Avenue | 1,600 FT | 62 FLOORS

[Crawford]

350 Park is an A++ location. There may not be a better full-block office development site on the planet.

[The New York Lion]

Caput mundi!

Caput mundi!

[JMKeynes]

Originally Posted by Crawford

350 Park is an A++ location. There may not be a better full-block office development site on the planet.

I concur! (It’s not a full block though. The buildings on Madison are not included.)

[JMKeynes]

Originally Posted by The New York Lion

Caput mundi!

Caput mundi!

[NYguy]

It is long term compared to some of their current developments. But planning still has to take place. Park Avenue is hot, and if you can snag a large office tenant, why not?

[JMKeynes]

I thought he meant 20 years. It seems that tenant interest here though.

[DCReid]

Originally Posted by NYguy

Well, 175 Park had a very specific set of circumstances. (That still didn't justify a height cut). This proposal is more of a "pay your money and build" situation, much like One Vanderbilt. The only reason it will go through an approval process at all is because that's just the way it's set up, unlike in the Hudson Yards where they pay and build, no need to repeat a show you've already had.

But remember, One Vandy was supposed to be 1500 feet tall and was shortened 100 feet, not by the approval process, but by the developer. I would be very surprised if those spires survive; I am not wishing an adverse outcome, but developers do tend to value engineer to a point. Unless the spires are to be used as antennas...

[Busy Bee]

I knew my remote control would turn up somewhere...

[JMKeynes]

Originally Posted by DCReid

But remember, One Vandy was supposed to be 1500 feet tall and was shortened 100 feet, not by the approval process, but by the developer. I would be very surprised if those spires survive; I am not wishing an adverse outcome, but developers do tend to value engineer to a point. Unless the spires are to be used as antennas...

I think that what was shortened was the antenna and the uppermost shaft that the antenna emanates from. I think that the shaft looks perfect as it is. It wouldn't look as good if it were elongated.

[chris08876]

Exciting prospect.

Would complement 270 Park.

[NYguy]

Originally Posted by DCReid

But remember, One Vandy was supposed to be 1500 feet tall and was shortened 100 feet, not by the approval process, but by the developer. I would be very surprised if those spires survive; I am not wishing an adverse outcome, but developers do tend to value engineer to a point. Unless the spires are to be used as antennas...

One Vanderbilt’s height was increased to that 1,500 ft height during the approvals process. It was then reverted to a lower height as they worked on floor plate sizes. It’s not a smaller tower, just a different height. This tower could go either way, especially if Foster is still on it. I wouldn’t mind some 425 Park style fins on it. Whatever the case, it won’t be some cheaply designed tower.

[JMKeynes]

As I recall, Citadel was planning to move the actual HQ from Chi to NY.

Bisnow

“Citadel Courted By Developers Of Planned Midtown Supertall As Anchor Tenant
New YorkOffice”



Vornado Realty Trust and Rudin Management are looking at building a 1,450-foot office tower on Park Avenue in Manhattan, and they are eyeing a hedge fund as both an investor and anchor tenant….

https://www.bisnow.com/new-york/news...-tenant-113329

The two landlords are courting Citadel to serve as an equity partner and eventual anchor tenant for their 350 Park Ave. project, The Real Deal reports.

[chris08876]

If say the deal happens this year, should in theory put this towards a 2027 completion, something I remember being estimated a year or two ago. Although I hope no negative economic developments delay this. Hopefully the chatter of a recession won't deter the deal (which I doubt but remain on the side of caution).

[JMKeynes]

Originally Posted by chris08876

If say the deal happens this year, should in theory put this towards a 2027 completion, something I remember being estimated a year or two ago. Although I hope no negative economic developments delay this. Hopefully the chatter of a recession won't deter the deal (which I doubt but remain on the side of caution).

This project (and 175 Park) will take years between demolition and construction. Any recession that may occur will be over before this is ready for occupancy, whereupon, Champagne will be flowing abundantly.

[NYguy]

Citadel meanwhile continues its presence at 350…


https://www.bloomberg.com/news/artic...-s-park-avenue

Citadel to Boost Office Presence on Manhattan’s Park Avenue
Ken Griffin’s company is seeking to take more space at two different locations as the billionaire expands his financial firm’s footprint





ByNatalie Wong and Katherine Doherty
June 9, 2022

Ken Griffin’s Citadel is planning to take more office space on Park Avenue as the firm builds out its presence in New York City.

The Chicago-based firm is close to a deal on a long-negotiated lease to expand at 350 Park Ave., a building owned by Vornado Realty Trust, where it already has space, according to people familiar with the matter. The firm is also taking an additional 84,000 square feet (7,800 square meters) across a few floors at a skyscraper at 425 Park Ave., the people said, asking not to be named because the deal is private.

In 2019, Vornado unveiled plans to demolish the existing building at 350 Park and build a supertall skyscraper there. Last year, Chief Executive Officer Steven Roth said in an earnings call that the firm would likely lease up the existing tower “at very favorable rent,” retaining the option of a redevelopment for the future.

Other finance firms have been signing new office deals across Manhattan. HSBC Bank USA agreed to move its headquarters to a tower nearing completion in Manhattan's Hudson Yards district, while Macquarie Group Ltd. signed a lease at Brookfield Properties' 660 Fifth Ave.

With the new lease, Citadel will occupy more than 415,000 square feet, or about 60% of the 425 Park building. The tower is roughly 85% leased. Other tenants include private equity firm GTCR NY LLC, Maverick Capital and Wafra Capital Partners. The Real Deal reported the 425 Park expansion earlier.

[JMKeynes]

I suspect that Griffin will be in Miami periodically in the winter, but will be in the Financial Capital of the World the rest of the time.

https://nypost.com/2022/06/23/nyc-of...eating-up/amp/

NYC office leasing deals are heating up as landlords consider fresh uses
By Lois Weiss

June 23, 2022 | 6:42pm

“Citadel, however, is also in talks to become the anchor tenant and provide the equity for a new 1,450-foot-high, 1.6 million-square-foot tower at 350 Park Ave./40 E. 5nd St. that would be developed by Vornado Realty Trust and Rudin Management.”

[chris08876]

Would be great if they can aid in getting 350 Park off the ground and down in Miami, The Towers by Foster.

Two birds with one piece of rebar type of situation.

[JMKeynes]

Originally Posted by chris08876

Would be great if they can aid in getting 350 Park off the ground and down in Miami, The Towers by Foster.

Two birds with one piece of rebar type of situation.

Wasn’t Towers by Foster residential? I don’t think that Citadel is going to anchor a 1.5m sf office tower in Miami. Maybe, they’ll anchor a mixed use tower that has 500k sf, and they’ll take 100k sf.

[chris08876]

^^^^

Yeah it is. I might of been better off saying the parcel but would be nice to say see a redesign for mixed use, to include office. The property itself though remains a prospect, which right now is an empty patch of land/parking. We can get an idea of the max potential for the site though, given the FAA limit.

[JMKeynes]

Originally Posted by chris08876

^^^^

Yeah it is. I might of been better off saying the parcel but would be nice to say see a redesign for mixed use, to include office. The property itself though remains a prospect, which right now is an empty patch of land/parking. We can get an idea of the max potential for the site though, given the FAA limit.

Honestly, I’d be shocked if Citadel takes more than 100k sf in Miami. Citadel has 1,000 employees in Chicago. Assume that at most, 600 of them are non-admin, highly-paid traders. If half of those 300 went to Miami and half went to NY, that’s not a huge Fl footprint. I don’t think that Citadel would even take 100k sf in Miami.

350 Park, by contrast, is a blue-chip investment. That tower could become the next GM Bldg or 9 W 57th (ie., the premier office space in a city with no shortage of hyper-rich tenants seeking such space at $300/sf.)