Griffin Strikes Deal for Potential New Citadel NYC Skyscraper
Agreement gives Griffin options for how to proceed on a building that can house all of his Citadel and Citadel Securities employees in the New York area.
Ken Griffin
Photographer: Bryan van der Beek/BloombergCitadel’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.
Griffin plans to acquire and build a 1.7 million-square-foot office skyscraper that would replace three adjacent properties in Midtown, at 350 Park Avenue, 40 East 52nd Street and 39 East 51st Street, according to a statement Friday. Griffin has two options to pursue this, starting in October 2024 and lasting through June 2030: either by taking a 60% interest in a joint venture with landlords Vornado Realty Trust and Rudin Management Co., which values the site at $1.2 billion, or buying the site outright for $1.4 billion.