Posted Mar 7, 2025, 4:39 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,206
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https://www.reuters.com/markets/us/n...et-2025-03-07/
New York workers’ return to office ignites deal hopes in battered real estate market
By Saeed Azhar, Matt Tracy and Carolina Mandl
March 7, 2025
Quote:
NEW BUILDING
When billionaire Ken Griffin decided to combine the offices for his hedge fund Citadel and market-maker Citadel Securities in midtown roughly three years ago, he could not find enough space. He decided to construct a new building instead, getting ahead of a wave of 5-day mandates that are filling up offices.
Griffin, alongside Vornado Realty Trust and Rudin Management, is developing a 62-story skyscraper at 350 Park Avenue with space for 6,000 people.
Citadel and Citadel Securities will serve as anchor tenants for the building, which is expected to be completed by 2032.
Employees at Griffin's firms will start moving to a temporary location next year so that the current building, a 30-floor structure from 1960, can be demolished.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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