NEW YORK | 350 Park Avenue | 1,413 FT | 62 FLOORS

[NYguy]

^ Yeah, I always expected that to be the case, because they're always expanding, and are a partner in the development.

Michael Franco
President and CFO


There's a few things still moving around, but, you know, as we indicated originally, you know, there is a formula that determines Citadel's rent. It's effectively, you know, it's based on a premium to what permanent financing costs are with a cap and collar, so that was unchanged. You know, Citadel is still finalizing their space planning, but I would tell you, in general, their appetite for space has grown from the original deal. So, you know, when we finish all that over the next few months, you know, we will publish that, but I don't wanna jump the gun just yet. Needless to say, we think it's gonna be an extremely attractive project.

Seth Bergey
Analyst

Hi, good morning. You know, I kinda wanna go back to 350 Park Avenue. I think in your opening comments, you mentioned that, you know, Citadel kinda had an appetite to take additional square footage. I think they were kinda set to occupy around 850,000. Just could you kinda quantify how much more they would, you know, be looking to take? Or, you know, are you in any other kind of conversations about pre-leasing space in that building?


Steven Roth
Chairman and CEO

Look, the Citadel relationship between Citadel and Vornado is important. These are conversations that are still taking place. The Citadel team is still making up their mind as to what exactly their requirements are. And so, as soon as we know and they become firm and agreed to, you will know, but not now.


Glen Weiss
EVP

On the second part of your question, the energy and excitement around the spec office space is excellent. So we're presenting this, the project, to many tenants, as small as even 50,000 sq ft. So if you think about it, tenants who are expiring in 2031, 2032, 2033 are already asking us to present the project. That's how much excitement there is in the market. There will be nothing like this available in New York, and people realize that. They recognize that between us and Citadel and Ken Griffin, this will be the best building built in this city by far.