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

[rivernorthlurker]

Originally Posted by JMKeynes

I hate to disappoint the folks in Miami, but this is going to be the trophy in Citadel’s Empire.

I am getting that impression. At least for size. Everything I've seen cited about Citadel's tower in Miami is along the lines of "going to cost $1 Billion', "up to 1000 ft", and "1 million sqft", all of which are not on the scale of 270 Park Ave or maybe this. Reading between the lines about the Miami development is that there is a lot of mention of "iconic" but not necessarily greatest in scale. We sill see but I tend to agree with you.

Interesting tidbit on saw on a message board about the Miami project...

https://www.thenextmiami.com/demolit...ed-by-citadel/

Citadel Transplant
1 month ago
The design is basically done for the new HQ, and Miami you will LOVE it! Naturally some will hate it, but KG doesn’t concern himself with that. Having been here now 3 months from Chicago, the 35 that are here love Miami!

Again a love it/hate it design suggests an innovative design more than it does a monumental office tower.

[JMKeynes]

Thanks for the update re: the Miami tower. I hope that it turns out great, but NY — not Miami — will continue to be the nerve center of Citadel. If you work in tech, you want to be in SV. If you work in finance, you want to be in NY.

[JMKeynes]

I really hope that this is the final design. It is utterly iconic.

[TonyNYC]

Awesome.. Another BEAST of the EAST!!! (:

[NYguy]

Originally Posted by rivernorthlurker

Interesting tidbit on saw on a message board about the Miami project...

https://www.thenextmiami.com/demolit...ed-by-citadel/
.

Again, there’s a thread for folks interested in that particular project in Miami (which will be great for Miami).

https://skyscraperpage.com/forum/sho...=210610&page=2

We don’t get caught up in that.

As for this project, I’m guessing they’ll want a signature tower that stands out on Park Avenue. If Foster is still on, the design will have evolved from what we’ve already seen. It’s possible it could be something completely different. But by the time approvals start, they’ll at least have an idea of the envelope.

[NYguy]

https://www.chicagobusiness.com/fina...nyc-skyscraper

Griffin strikes deal for potential new Citadel skyscraper in NYC

December 10, 2022

Citadel’s Ken Griffin is gearing up to develop a giant new office building in the heart of Manhattan that will serve as the headquarters for his businesses in New York.

“We reached the decision to pursue this transaction after thorough consideration of other alternatives in New York City,” Zia Ahmed, a spokesperson for Citadel, said in an emailed statement to Bloomberg. “We expect that if this building is built it will be able to house all of our New York City employees for both Citadel and Citadel Securities, which will reduce the need for us to have them spread across multiple sites in New York City as they currently are.”

The firm is already a tenant at 350 Park and has been on the hunt to expand its footprint across New York to accommodate a growing headcount. Citadel and Citadel Securities have about 4,000 employees worldwide, with about 1,500 in New York.

Citadel recently signed a deal to expand its presence at 425 Park Avenue, a new development where it’s already the anchor tenant.

“Unfortunately, given the continued success and growth of the firm, we no longer have access to sufficient space that meets our needs at 425 Park Avenue,” Ahmed said.

For now, Citadel has agreed to lease the entire existing offices at Vornado’s 350 Park and Rudin’s 40 East 52nd, which will terminate at the start of demolition of the new tower. If the joint venture is formed, Citadel or its affiliates will sign a 15-year lease with renewal options to anchor roughly 850,000 square feet at the new development.

[JMKeynes]

Has BlackRock vacated Rudin’s building yet and moved to the HY?

Although Roth is unduly and unrealistically fixated on the Penn area (sorry, Steve, but Blackstone and Citadel have no interest in 32nd St.), this is the rare opportunity to build an absolutely iconic building in the platinum business location. The stars were aligned for Vornado’s and Rudin’s lackluster buildings to be empty at the same time. The current 350 Park is a piece of garbage in an unparalleled location. The new building will be a landmark worthy of that address.

This and 175 Park will be the new GM Building in terms of status, but this even more so due to the diamond-encrusted platinum location. Any space that Citadel does not rent will easily yield record breaking rents.

This vile garbage does not belong in this stunning location.



This location deserves Foster’s icon.

[JMKeynes]

I am still so elated about this. The Kings of Wall Street, Jaime Dimon, Ken Griffen, and Steven Schwartzman, are building new Cathedrals of Finance!

[mrnyc]

to see that busy, but garbage nothing building go away for the slick elegance of this tower will be the dream.

[NYguy]

https://www.gettyimages.com/detail/n...&adppopup=true

[JMKeynes]

Mr. Gorbachev…

[NYguy]

https://www.friedfrank.com/news-and-...elopment-10862

350 Park Ave Citadel Headquarters Development


December 13, 2022

Fried Frank acted as counsel to Citadel in connection with a 10 year master-lease of 585,000 square feet of office space at 350 Park Avenue, as well as a master-lease of 390,000 square feet of office space at 40 East 52nd Street.

Fried Frank also acted as counsel to Kenneth C. Griffin, Citadel’s Founder and CEO, in connection with certain options for the purchase of a 60% interest in a joint venture with Vornado Realty Trust and Rudin Management Company to own and develop a new 1.7 million-square-foot trophy office tower at the site comprised of 350 Park Avenue, 40 East 52nd Street and 39 East 51st Street (valuing the site at $1.2 billion), or to buy the site outright for $1.4 billion and go it alone on the development.

Fried Frank also acted as counsel to Citadel in connection with its potential lease of 850,000 square feet of the tower, once completed, to host its corporate headquarters in New York, NY.

[JMKeynes]

This is going to hyper-luxurious! Only in NY, the Financial Capital of the World!



All hail, Mr. Griffin!

[Crawford]

I hope Griffin goes all out and blows us away. This would be the perfect site for Midtown's new skyline peak.

[NYC2ATX]

Just to clarify, does this mean that Citadel plans to maintain headquarters in both New York and Miami?

[JMKeynes]

Originally Posted by NYC2ATX

Just to clarify, does this mean that Citadel plans to maintain headquarters in both New York and Miami?

Griffin still seems intent on calling Miami the HQ, but I guarantee that the overwhelming majority of people will want to be in NY. If you’re in tech, you’d want to be in SV, not in Scottsdale, Az, although the latter is warm and nice. If you’re an actor, you’d want to be in LA, not Naples, Fl. If you’re in finance, you want to be in the Financial Capital of the World, not in Miami.

[NYguy]

Originally Posted by NYC2ATX

Just to clarify, does this mean that Citadel plans to maintain headquarters in both New York and Miami?

Lots of companies have headquarters in New York, and other locations. The company uses Miami as a "headquarters" address, and that should be considered headquarters. However, headquarter locations aren't necessarily the largest offices. This tower will house the New York offices of Citadel.

The firm is already a tenant at 350 Park and has been on the hunt to expand its footprint across New York to accommodate a growing headcount. Citadel and Citadel Securities have about 4,000 employees worldwide, with about 1,500 in New York.

Citadel recently signed a deal to expand its presence at 425 Park Avenue, a new development where it’s already the anchor tenant.

“Unfortunately, given the continued success and growth of the firm, we no longer have access to sufficient space that meets our needs at 425 Park Avenue,” Ahmed said.

For now, Citadel has agreed to lease the entire existing offices at Vornado’s 350 Park and Rudin’s 40 East 52nd, which will terminate at the start of demolition of the new tower. If the joint venture is formed, Citadel or its affiliates will sign a 15-year lease with renewal options to anchor roughly 850,000 square feet at the new development.

It wouldn't shock me if that grew to 1 msf, the way they've been expanding.

For more on the Miami project, check that thread.

[JMKeynes]

https://www.bisnow.com/new-york/news...g-staff-116794

Citadel Eyes New 1.7M SF Manhattan Tower In Deal With Vornado, Rudin
New York
December 12, 2022 Miriam Hall, Bisnow New York City




Hedge fund billionaire Ken Griffin is looking to make an even bigger mark on Park Avenue.

The founder of Citadel and Citadel Securities is negotiating to acquire three adjacent office properties in Midtown Manhattan with the hopes of developing a huge new office tower to house his companies' New York operations, Bloomberg reports….

[JMKeynes]

https://www.globest.com/2022/12/13/v...e-tower/?amp=1

Vornado Reaches Deal to Build $1.2B Park Avenue Tower

By Jack Rogers
December 13, 2022 at 06:59 AM

Citadel to master lease two buildings on project site, which Griffin has option to buy for $1.4B.

Reprints

A joint venture between Vornado Realty Trust and Rudin Management Co. has cut a deal with Citadel Enterprises America that will facilitate the building of a new 1.7M SF office tower on NYC’s Park Avenue.

Citadel will master lease 350 Park Ave., a 585K SF office tower owned by Vornado, and 40 E. 52nd ST., a 390K SF building owned by Rudin. According to the terms of the deal, the companies have agreed to a 10-year “as is” lease with an annual rent of $36M.


Vornado also is partnering with Rudin to acquire 39 E. 51st, an adjacent 11K SF building. The plan is to combine the three properties and build a new tower on the consolidated sites. Vornado purchased 350 Park Avenue in 2006 for $542M.

Citadel, the company that denounced the crime rate in Chicago when it moved to Miami, has an option to acquire a 60% stake in the $1.2B development that will rise on the merged properties of 350 Park Ave., 40 E. 52nd St. and 39 E. 51St. in Manhattan’s Midtown East market.


Citadel will have the right to exercise its option for a majority of the partnership from October 2024 until June 2030—and to make the decision to launch the project—with Vornado retaining a 36% share and Rudin becoming a 4% partner with a $250M preferred equity interest.

Citadel’s option includes a 15-year, 850K SF anchor lease for the Miami firm at the 1,500-foot-tall office tower designed by Fostar + Partners that is planned to replace what is known as the BlackRock building, a

Citadel also has the option to acquire the site for $1.4B, a transaction that would sever the other partners from the joint venture project.

After telling Bloomberg that he was leaving Chicago because the crime problem there is out of control, Griffin named Sterling Bay as the developer that will build a new 1000-foot headquarters tower for Citadel on a Bayfront site at 1201 Brickell Bay Drive in Miami.

Earlier this year, Citadel acquired the site and an adjacent office building for a combined total of nearly $650M.

Griffin, worth an estimated $31B—which gets you a big headline in Bloomberg whenever you want to trash Chicago in the former NYC mayor’s media outlet—now owns more than $1.3B in residential and commercial real estate in South Florida.

In September, the hedge-fund billionaire was revealed as the buyer behind the $107M purchase of a four-acre waterfront estate in Coconut Grove.

[NYguy]

Most of the focus has been on Vornado's 350 Park, but a key part of the development is Rudin's 40 E. 52nd, the former BlackRock headquarters.

A look at this one, as it's also going to come down...




https://commercialobserver.com/2021/...rock-building/




https://www.infobae.com/en/2021/01/1...-mobile-firms/




https://seekingalpha.com/article/455...lect-recession




https://mobile.twitter.com/iwwnyc



https://www.ecowatch.com/blackrock-fossil-fuels.html



https://www.foxbusiness.com/politics...search-warning



POP currently on site...


https://apops.mas.org/pops/m050089/



I'm sure the required POP space will be more, it'll be interesting to see how it plays into the design.


Compared to overall site...