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

[Ahoi]

Credit: https://www.instagram.com/p/C6d_w7Rq..._web_copy_link



https://twitter.com/fosterpartners/s...33000137822679

[NYguy]

A few more details about the tower I hadn't seen...



https://www.twinfm.com/article/foste...ork-skyscraper

Foster + Partners Reveals New All-Electric New York Skyscraper


03 May 2024

The 62-storey and 1.5 million sqft tower at 350 Park Avenue will feature green terraces and a large public plaza with shops, cafes and restaurants at the base.

At least 850,000 sqft of space will be taken by investment firm Citadel and market maker Citadel Securities, and the design reflects the companies’ needs.

Ceiling heights reach 15 feet on the trading floors with floor-to-ceiling glazing and column-free unobstructed views.

Curved bay windows along the façade increase the number of corner spaces within the building and provide dual-aspect views from the offices.

Four double-height super floors connect with the terraces and provide workspaces and wellness areas.

The tapering tower will be Foster + Partners’ third commercial office tower on Park Avenue, after the recently completed 425 Park Avenue and the ongoing headquarters for JPMorgan Chase at 270 Park Avenue.

Foster + Partners is working alongside anchor tenants Citadel and real estate developer Vornado Realty Trust on the project.

Nigel Dancey, Head of Studio, Foster + Partners, said: “350 Park Avenue is a new symbol of the rebirth of this world-famous street, resulting from the city’s Midtown rezoning initiative. With its stepped back, gently tapering form, the building follows in the tradition of distinctive towers along Park Avenue, creating a silhouette that is very much ‘of New York’. At ground level, the public landscaped plaza is a generous civic gesture, welcoming people through to the raised double height entrance lobby.

“The tower is conceived as a series of glass flutes that maximise light and views out to Manhattan, and offer large-span workspaces that benefit from the absence of corner columns. The all-electric tower is designed to meet the needs of the workplace of the future with a variety of flexible floorplates, featuring cascading green terraces and soaring amenity floors that will define a new generation of buildings on Park Avenue.”

[NYguy]

[ChiND]

This tower is going to be absolutely iconic!

[NYguy]

https://www.fosterandpartners.com/ne...venue-revealed

Designs for 350 Park Avenue revealed


May 1, 2024

Designs have been revealed for 350 Park Avenue, a 62-story and 1.5 million square-foot (139,354 square-meters) office tower on New York’s world-famous boulevard. The global investment firm Citadel and leading market maker Citadel Securities will serve as the anchor tenants, occupying at least 850,000 square-feet (78,967 square-meters) of the building.

...350 Park Avenue will be part of a rich urban tapestry, standing alongside Modernist icons such as the Seagram Building and Lever House, Art Deco landmarks such as the Waldorf Astoria and the General Electric Building, and examples of historic architecture including the Racquet and Tennis Club (R&T) and St Bartholomew’s Church. The tower’s stepped form responds to the architectural language of Midtown Manhattan. On the eastern side of the building, every setback features a landscaped terrace that provides tenants with direct connections to the outdoors and unparalleled views towards Park Avenue and the East River

An offset core creates space for the generous green terraces and a large public plaza at the tower’s base. Activated by retail, cafes and restaurants, the landscaped plaza plugs into the existing pedestrian network and provides direct access to the ground-level lobby. Set back from the sidewalk, a soaring glass entranceway is designed to maximise the amount of daylight entering the lobby from Park Avenue.

Larger floorplates at the base of the tower gradually decrease in size as people travel up the building. Ceiling heights reach 15 feet (4.5 meters) on the trading floors and 11 feet (3.3 meters) on typical office floors, with floor-to-ceiling glazing that allows daylight deep into the plan and optimises views. Four double-height super floors connect with the terraces and feature a diverse range of town hall spaces, workspaces, and wellness areas. A split lobby allows the building to be subdivided and ensures long-term flexibility.

The four corners of the floorplate are cantilevered and column-free to provide unobstructed views in all directions. Curved bay windows along the façade increase the number of corner spaces within the building and provide dual-aspect views from the offices.

[NYguy]

Rough outline of area where some of the new towers coming are rising or planned (not including everything).

[NYguy]

Yet another look at those renderings with higher resolution (I wish we could have gotten more).

[colemonkee]

Does this one also taper slightly on the north and south sides like 270 Park? Kinda looks like it, but could just be the angle of the renderings.

[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

[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.

[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.

[NYguy]

https://finance.yahoo.com/news/q1-20...054019158.html

May 8, 2024

Steven Roth

We've been busy. Let's start with Bloomberg. As a reminder, 731 Lexington Avenue, the mixed-use tower, whose 950,000 square foot office condo is Bloomberg's global headquarters is owned by Alexander's, a separately traded public REIT. Vornado owns 32.4% of Alexander's. The background facts are: Bloomberg lease expires in February 2029, and $500 million of debt on the office condo is due next month June 2024.

Yesterday, we announced that we renewed and extended the Bloomberg lease for an 11-year term to begin in February 2029 and take us through February 2040. So 16 years of term from now. As you can imagine, a redeveloper in town tried to poach Bloomberg. And of course, they looked at every opportunity as they must. We are delighted that they chose to stay with 731 Lexington.

By the way, the building is as much Mike's creation as mine. He had significant input into the design of the original building. The design of the building in Bloomberg's internal fit-out are on par with what we would have built today. But of course, now they don't need to.

.....while the New York market has a huge 422 million square feet, when you cancel out the non-prime space, we really only compete in a much smaller 177 million square foot market.

Great things are happening in our PENN District. Come by and take a look. Our team here at Vornado couldn't be more optimistic.

John P. Kim

Okay. And my follow-up is on 350 Park Avenue. The leasing environment and the interest rate environment or the outlook has changed a lot in the past 1.5 years since you struck the deal. What is the likelihood that either Citadel or you exercise your options at this point?

Steven Roth

There's always a likelihood. But right now, we're on full steam ahead to build a world-class headquarters for Citadel. We've started the public approval process. And it's a couple of year process to design the building, complete the drawings, get through the public approval process and obviously, we will reappraise the financial markets at that time. Citadel's growing. They want the space. They're committed to the deal as are we.

[ChiND]

[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

[NYguy]

https://www.metro-manhattan.com/blog...d-office-life/

How Vornado’s 350 Park Avenue Could Reimagine NYC’s Skyline & Office Life

24 MAY, 2024
BOBBY SAMUELS

Vornado Realty Trust is going all-in with plans for a massive 62-story office tower at 350 Park Avenue that could change the game in New York City. As a state-of-the-art, eco-friendly skyscraper project, it’s a bold bet on the city’s comeback. While many may question why Vornado is making such a gamble on the city’s office market, with many offices still empty post-pandemic, the potential for this new trophy building is compelling.

Many heavy hitters agree, too. Mayor Eric Adams is all in, and Citadel, the big-shot investment firm, has signed on as the main tenant. So, with all the conflicting narratives, is this building all hype, or is it a genuine symbol of New York’s return? Let’s break it all down.

Project Details and Design

This new tower will be a standout. Designed by the renowned Foster + Partners, the 1.8 million square foot building will rise 62 stories high, blending modern style with sustainable features. Imagine working in an office with floor-to-ceiling glass windows that let in loads of natural light and offer breathtaking city views. The public concourse will be a 12,500-square-foot space where people can relax, meet, and enjoy green spaces and art displays. The landscaped terraces will perfectly mix nature and city life, offering outdoor areas for breaks and meetings.

But it’s not just about looking good. The tower will be built with sustainability in mind, using a high-performance building envelope to boost energy efficiency and reduce its environmental footprint. It will be a top-notch, eco-friendly workspace that meets the needs of modern businesses and their employees.

Financial and Strategic Implications

Vornado is putting serious money into this project. They’ve spent $150 million on air rights from St. Patrick’s Cathedral and St. Bartholomew’s Church, which allows them to build taller buildings than usual. Plus, they’re contributing over $35.8 million to the East Midtown Public Realm Improvement Fund, which helps maintain and enhance public spaces in the area. It’s pretty clear why they’re doing this and pulling out all the stops: this project is a big piece of their comeback strategy as one of New York’s biggest commercial landlords. Vornado’s stock has plummeted by nearly 80% since peaking in February 2020, and they need a jolt. They see this new tower as a potentially significant step in revitalizing their portfolio and adapting to the new market realities.

… This project is a clear signal to corporate America and tenants seeking modern trophy Class A space: New York City has an increasing number of cutting edge office developments. Vornado’s initiative is all about creating flexible, sustainable, and engaging environments that meet the needs of today’s workforce. So, as the city continues to recover and modernize, the 350 Park Avenue Tower is just the latest evidence that this is a changing market where the flight to quality is very real. Let’s see how the next few months shake out.

[NYguy]

Just a blurb about movement…


https://commercialobserver.com/power...laurie-goloub/

BY AARON SHORT
May 9, 2024

…This year, Golub is leading the move of Affinius’ New York offices down the street from 350 Park Avenue to a 24,000-square-foot space at 277 Park Avenue, which recently underwent a $120 million renovation. “We love this building, but Citadel has plans to redevelop it and they didn’t renew the lease which expires in May,” she said.

[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!