That’s because 350 Park is six streets to the north. If they were next to each other that wouldn’t be the case.
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I love this building on 52nd across from where the new tower will rise. I’d like to see a better tenant though.
I wish the spires were more substantial (they look a little dinky to me) but I agree it’ll look great if they’re lit up. The double-spire is such a unique look that I only really associate with Chicago.
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Oh yes give us our double-spired baby. Although upon further review I wish they were a little taller.
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The concrete jungle where dreams are made of!
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Citadel to Boost Office Presence on Manhattan’s Park Avenue
Ken Griffin’s company is seeking to take more space at two different locations as the billionaire expands his financial firm’s footprint.
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Ken Griffin is the man!!!
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The tower in your last photo has an amazing story…
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Already renting the most expensive office space ever at 425 Park and before they even move in he is already looking for newer spaces. Insane. And the most expensive apartment in the city at 220 CPS. Man is obsessed with superlatives.
Have relatives who used to work at Citadel. Supposedly he’s always been pretty crazy…
The Bloomberg article either contradicts The Real Deal or is poorly written. It seems to suggest that Citadel might stay in the current 350 Park, in addition to its space at 425. I find that hard to believe because Griffin pays exorbitant sums to have the best space. The current 350 is a dated dump.
This snippet from the Bloomberg article makes its reporting even more nebulous:
“In 2019, Vornado unveiled plans to demolish the existing building at 350 Park and build a supertall skyscraper there. Last year, Chief Executive Officer Steven Roth said in an earnings call that the firm would likely lease up the existing tower “at very favorable rent,” retaining the option of a redevelopment for the future.”
Anyway, I suspect that The Real Deal’s story was accurate.
What would confirm it one way or the other is the lease term at 350 Park that Citadel agreed to.
The Real Deal Article definitely seems more on the mark than the Bloomberg article.
Vornado, Rudin court Citadel for Midtown supertall:
Ken Griffin’s firm eyed as anchor tenant, equity investor in office project
New York
Jun. 08, 2022 07:00 AM
By Lois Weiss
Vornado Realty Trust and Rudin Management are in conversations with Ken Griffith about his investment firm Citadel becoming an anchor tenant and an investor in the developers’ supertall office tower planned for Park Avenue, sources said.
The 1,450-foot-tall, 1.68-million-square-foot tower is getting closer to reality but is still years away from opening. Vornado owns the office building at 350 Park Avenue, which takes up the entire blockfront from East 51st to East 52nd streets and would be razed to make way for the unnamed tower.
Vornado’s partner in the ambitious project, Rudin Management, owns the building behind it at 40 East 52nd Street, which has an entrance on East 51st Street as well. Also known as the BlackRock building, it would also be demolished.
The two developers have the land, the zoning and plenty of experience building office towers, but Citadel has something that would surely help: $50 billion in investment capital, according to its website.
Along with deep pockets, Citadel has shown itself willing to pay record-high rent for office space: The $300 per square foot it agreed to pay at unbuilt 425 Park Avenue in 2015 was believed to be an all-time high in the city.
Vornado and Rudin declined to comment.
After the Midtown East rezoning, the two firms began talking about a collaboration at the Park Avenue and East 52nd Street site, as the New York Post reported in April 2019. A brochure found by YIMBY revealed drawings by Foster + Partners of the prospective tower.
The Griffith entity Citadel Securities was already both a sublease and direct tenant of Vornado, using 120,000 square feet at 350 Park Avenuewhile it awaited the completion of 425 Park.
Griffin took the top floor of the 47-story 425 Park for his own office, which boasts 38-foot high windows looking toward Central Park. But even at 680 feet above ground, he can’t see his $238 million quadplex apartment at Vornado’s 220 Central Park South — something that should be possible from the upper floors of 350 Park, which could be the city’s third tallest building.
Citadel, which could not be reached for comment, appears to be thinking far ahead at a time when other firms are trying to get a sense of how much space they will need in the post-Covid era.
Griffin’s companies expanded their occupancy at 425 Park with a new deal last month for 84,000 square feet and will now occupy 20 floors and 415,000 square feet. Citadel had been discussing taking space at 550 Madison Avenue before turning back to 425 Park.
It also has a lease at the Bloomberg building, 601 Lexington Avenue, which expires this year, and keeps a global headquarters in Chicago and other offices around the world.[quote=“mcart, post:192, topic:4854, full:true”]
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This have any effect here? I don’t think so. This is just a move from Chicago
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No. The articles suggest many of the Chicago employees are also going to relocate to NY, if anything their presence here will expand.
Citadel has struggled for a long time to convince people to move/stay in the Chicago area. There are not a lot of hedge funds there so it is a big commitment to move out there, especially if you want to purchase not rent your home.
They also had the staunchest anti-WFH policy basically in the entire financial industry, moving much of their high-earning trading desks into a quarantine bubble at a hotel during the initial lockdown so they could continue working in an office environment.
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Citadel employees have been asking to relocate from Chicago to Miami and New York, Griffin wrote in a letter to employees. Citadel has about 1,000 employees in Chicago, and thousands worldwide.
^From the article. Emphasis mine. Bodes well for this tower IMO.
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Good, if they’re planning on expanding their presence and Vornado* (is that who it was?) Is courting them this development is looking really good.
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Honestly, most people will move to NY. If you’re a rich, hedge fund trader, NY is the place to be. Also, the private schools in Miami don’t remotely compare to NY’s.
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Per JMKeynes:
NYC office leasing deals are heating up as landlords consider fresh uses
By Lois Weiss
June 23, 2022 | 6:42pm
“Citadel, however, is also in talks to become the anchor tenant and provide the equity for a new 1,450-foot-high, 1.6 million-square-foot tower at 350 Park Ave./40 E. 5nd St. that would be developed by Vornado Realty Trust and Rudin Management.”
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