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

[NYguy]

The easement insures no other towers can be built higher than what already exists.

Originally Posted by Xing Lin

My speculation on how the west side might look if it had a glass elevator facade, taking advantage of the easement above the Madison Ave buildings:

Original photo by Samuel Ioannidis on Flickr

I’d take this. Good work.



A look around the area this tower will rise, with some classic Park Avenue office buildings.



MAY 4, 2024


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The new building will also tower over Madison Avenue…


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[NYguy]

https://therealdeal.com/new-york/202...der-9-percent/

Park Avenue office availability now under 9% — half of Midtown’s
Space tighter than before pandemic: Savills


Holden Walter-Warner
MAY 6, 2024

The availability rate in the prestigious office corridor is down to 8.9 percent, about half of Midtown’s 17.6 percent, the New York Post reported, citing data from Savills. The rate was 11 percent on Park Avenue in the fourth quarter of 2019, the last quarter before the pandemic.

… The corridor’s resilience is a promising sign for office projects in the works. RXR plans 2 million square feet at 175 Park Avenue above Grand Central Terminal. The public review process for a new tower at 350 Park Avenue, spearheaded by Vornado, Rudin and Citadel’s Ken Griffin, will start next year. That project is expected to deliver 1.8 million square feet across 62 stories and be anchored by Ken Griffin’s Citadel and affiliate Citadel Securities, which will occupy 850,000 square feet.

[Busy Bee]

Hmm, aside from being beautiful, you make a good point regarding the easement. The measurement shown in those agreement docs could very well account for the size of an elevator car. My original impulse was that is was an account for the worst case scenario sway of the building at the very top but I don't know how realistic that is.

[ChiND]

If Aby’s adjacent Madison Ave property is under distress, maybe Citadel can acquire it and raze it.

“Aby Rosen was New York real estate royalty. Is his office empire crumbling?”

https://www.ft.com/content/f8ae43d6-...c-b825123dddba

[ChiND]

I wish smaller projects like 347 Madison would start on spec. It would fill up quickly.

[NYguy]

Griffin himself mentioned "iconic" twice. I like that they are committed to building this landmark tower on the skyline.



https://www.nyc.gov/office-of-the-ma...-resurgence-of

Mayor Adams Unveils new Details of Skyline-Shaping Office Tower



Designed by leading architecture firm Foster + Partners, the tower will feature floor-to-ceiling glass, landscaped terraces, and a stepped configuration to create an iconic, distinctive skyscraper. Additionally, 350 Park will prioritize sustainable design through the use of a high-performance building envelope and resilient materials.

"I am excited to partner with Vornado and Rudin to build a new, iconic office tower for our growing team at the most sought-after address on Park Avenue,” said Kenneth Griffin, founder and CEO, Citadel. “The building will provide our colleagues with an extraordinary environment to collaborate, create, and deliver on behalf of our investors in Citadel and clients of Citadel Securities. The iconic building will have incredible light, 360-degree views, and spacious layouts in one of the leading financial centers in the world.”

“350 Park Avenue, anchored by two of the most successful financial firms of our time, Citadel and Citadel Securities, will reinforce New York City as the financial capital of the world and Park Avenue as the premier business boulevard,” said Steven Roth, chairman and CEO, Vornado Realty Trust. “Building on our track record of developing the very best office towers and creating world-class streetscapes, 350 Park Avenue will provide an unparalleled work environment with a grand civic expanse fronting Park Avenue. Our partnership with Ken Griffin and Rudin validates the quality of our development site and New York’s continued preeminence as a center for commerce.”

“The Rudin family is proud to partner with Kenneth Griffin, and Vornado to create this iconic skyscraper on Park Avenue,” said Bill Rudin, co-executive chairman, Rudin. “This landmark project is poised to leave an indelible mark on New York’s skyline, symbolizing New York’s endurance as the world’s leading financial center.”

[ChiND]

What amazing news!

[BrickellBased]

Incredible that with the potential of 350 Park and 175 Park being built how quickly 270 Park could go from the most state of the art office building in NYC to third place on just Park Ave.

It's like the 1930s all over again with Chrysler and ESB and I'm here for it.

[NYguy]

^ The longer the delay in starting 175 Park, the likelier it becomes that we’ll be watching 350 Park and 175 Park rise togther. That will be something. Both sites require demo. 350 needs to get approvals out of the way, which should be complete by the end next summer.

[ChiND]

The lack of news about 175 is disheartening. Hopefully, we’ll get an announcement before the end of this year.

[Zapatan]

Originally Posted by ChiND

The lack of news about 175 is disheartening. Hopefully, we’ll get an announcement before the end of this year.

Projects like that are often a shot in the dark, even in NYC.

I'm very cautiously optimistic about these two but cautiously is the keyword.

[ChiND]

Originally Posted by Zapatan

Projects like that are often a shot in the dark, even in NYC.

I'm very cautiously optimistic about these two but cautiously is the keyword.

This tower is not a shot in the dark. Absent an unforeseen catastrophe like war with China over Taiwan, this is virtually assured of happening. It’s just a matter of when.

[NYguy]

Originally Posted by ChiND

The lack of news about 175 is disheartening. Hopefully, we’ll get an announcement before the end of this year.

There’s no news to be heard on that one. Lease negotiations take place over the long term. Financing will come after that. There are no major changes in design. So there will be no news on that front. All you have to do is sit, and wait.

[NYguy]

https://www.bisnow.com/new-york/news...l-green-125300

Return To 'Glory': Finance Giants Are Doubling Down On Park Avenue





July 30, 2024
Sasha Jones

Existential questions about the future of office buildings continue to swirl, but those doubts have disappeared in this iconic stretch of Midtown Manhattan, where titans of finance are gobbling up some of the most expensive workspace in the world.

“[Park Avenue] had its glory years and decades when most of these buildings were built, in the '50s and '60s and '70s and '80s. Then nothing was built here for a really, really long time,” Rudin said. “Those of us who have buildings on Park Avenue were watching [companies] move west or move south to the new World Trade Center complex and Hudson Yards — the new shiny buildings. Park needed some upgrading.”

And since 2019, Park Avenue landlords have done just that, with a number of buildings undergoing restoration projects.

“Companies are coming to Park Avenue because it still is this epicenter of business,” Rudin said.

Okada & Co. CEO Christopher Okada said that though Park Avenue is attracting higher rents, some companies and investors are eyeing Lexington and Madison avenues, which sandwich Park, due to expectations that Park Avenue will run out of space.

“It's definitely very important to be near each other because those are essentially your clients,” Okada said. “If you're in the financial world or anything related, you can go to 245 Park, then go to 277 Park, and then go up and down, in and out of these buildings.”

In just the past month, Blackstone signed a deal to expand its headquarters at Rudin's 345 Park Ave. to over 1M SF, Ares Management expanded its headquarters at SL Green Realty's 245 Park by more than 130K SF to 307K SF and JPMorgan Chase reached a deal, in a joint venture with Hines, to acquire 250 Park for more than $300M.

JPMorgan is also redefining the strip's skyline. Construction crews are building the bank's new 1,388-foot supertall headquarters at 270 Park Ave. The 60-story skyscraper, expected to be completed in 2025, will deliver 2.5M SF of office space, enough for 15,000 employees.

It's not the only financial titan adding a big new tower for itself. A few blocks up, Citadel CEO Ken Griffin, alongside Vornado Realty Trust and Rudin, recently released renderings for a planned 1.8M SF office tower at 350 Park Ave. Griffin's companies plan to occupy more than 800K SF in the 62-story building.

[NYguy]

We knew this was coming...


https://www.businessinsider.com/ken-...-avenue-2024-8

Citadel seeks office space in New York as it awaits its new Park Avenue tower

-The hedge-fund giant Citadel is said to be in talks to lease office space on Fifth Avenue.

-The firm is awaiting the construction of its 62-story tower on Park Avenue.

-Citadel may not be able to move into the tower — its largest office location — until 2030.



Daniel Geiger
Aug 16, 2024

The firm, one of the largest and most successful hedge funds, is looking to take 365,000 square feet at 660 Fifth Ave., a 39-story midtown office tower that recently underwent a $400 million renovation by its landlord, Brookfield Properties.

In late 2022, Citadel announced a deal to anchor a new 62-story skyscraper at 350 Park Ave., designed by the architecture firm Foster + Partners.

The hedge fund occupies space at the existing tower at 350 Park Ave. and a neighboring property set to be part of that redevelopment.

It would use 660 Fifth Ave. to house its offices as those buildings are demolished and a 1.7 million-square-foot office skyscraper is built — a process expected to take several years.

Citadel and Citadel Securities, also operated by Griffin, together have about 440,000 square feet nearby at 425 Park Ave., another tower that was completed in 2022.

A deal with Citadel would be a sign of activity for 660 Fifth Ave. after a lull. Brookfield acquired the building from Kushner Companies in 2018 and embarked on an overhaul, recladding the wedding-cake-style property with a new facade featuring distinct rectangular windows.

One of the executives with knowledge of Citadel's real-estate plans said the firm would likely begin moving from 350 Park Ave. to 660 Fifth Ave. around the end of 2025. It could take five or more years to demolish the building, raise the new tower, and ready its interior for occupancy.

Citadel and Citadel Securities plan to take a combined 850,000 square feet in the new 350 Park Ave., which would make it the companies' largest office location.

The rest of the tower's square footage would be leased to other tenants, though Citadel has expansion rights as part of its agreement. The company plans to develop the project in a joint venture with the New York-based landlords Vornado Realty Trust and Rudin Management.

[ChiND]

Originally Posted by The New York Lion

And it hasonly just begun.

Can you imagine what NYC will look like in 20 years?

NY is basically the only American city with a demand for office space. This is like the Golden Age of the Mycenaeans that Homer wrote about. Ken Griffen and Jamie Dimon (and hopefully, Scott Rechler) are like King Agamemnon.

Hail mighty Agamemnon!




https://en.m.wikipedia.org/wiki/Mask_of_Agamemnon

[NYguy]

Originally Posted by ChiND

NY is basically the only American city with a demand for office space.

No one cares about that. The city has such a demand for office space because so much of it (most of it) is dated and old. New York City builds. It always has. The scale is larger here because towers are taller now. But build the city always has. If its a golden age, its a golden age of its own eras.

[The New York Lion]

This tower will be magnificent.

[ChiND]

Extraordinary!!!

Thank you, Mr. Griffen!!

Next up… 175 Park.

[ChiND]

I perused the agreement (that was filed on ACRIS) between the developers of 350 Park and the owners of 477 Madison. It looks like the Developers might have the option to buy 477 Madison. I vaguely recall that being discussed here a few months ago. It would be great if 350 Park extends to Madison.

https://a836-acris.nyc.gov/DS/Docume...24010200798003