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  #401  
Old Posted Nov 10, 2022, 11:13 PM
JMKeynes JMKeynes is offline
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Another possible tenant for this tower is Bloomberg whose 900k sf lease at Vornado’s 731 Lex expires in 2029: perfect timing IMO.

https://www.bloomberg.com/press-rele...xington-avenue
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  #402  
Old Posted Nov 11, 2022, 2:05 AM
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^ According to wiki, Bloomberg pays the Alexander's trust that owns the property 105 million big ones per year... Yowza! Yeah if i was them I think I'd be looking to own my own trophy HQ.
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  #403  
Old Posted Nov 11, 2022, 2:09 AM
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That'd be awesome. This and 175 should rise side by side IMO.
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  #404  
Old Posted Nov 11, 2022, 2:18 AM
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Originally Posted by Busy Bee View Post
^ According to wiki, Bloomberg pays the Alexander's trust that owns the property 105 million big ones per year... Yowza! Yeah if i was them I think I'd be looking to own my own trophy HQ.
That’s not too bad for 900k sf. But when this lease ends in 2029, the tower will be 25 years old. Mayor Mike’s crew could go from an “old” Vornado building (731 Lex) to a new one (350 Park).

Last edited by JMKeynes; Nov 11, 2022 at 2:54 AM.
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  #405  
Old Posted Nov 11, 2022, 2:55 AM
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That'd be awesome. This and 175 should rise side by side IMO.
I agree.
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  #406  
Old Posted Nov 16, 2022, 6:04 PM
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https://commercialobserver.com/2022/...ial-servicing/

CMBS Loan on Vornado’s 350 Park Avenue Heads to Special Servicing


BY CATHY CUNNINGHAM
NOVEMBER 16, 2022


Quote:
The $400 million commercial mortgage-backed securities (CMBS) loan on Vornado Realty Trust’s 350 Park Avenue has been transferred to special servicing.

An email alert from Trepp broke the news Tuesday, stating the reason for the transfer was “imminent default.” A Vornado spokesperson, however, told Commercial Observer: “Our loan on 350 Park Avenue is absolutely not in danger of imminent default. We requested that the loan be transferred to special servicing due to a complex consent request.”
Quote:
Prior to the pandemic, Vornado proposed plans for a new supertall at the site, which would require demolishing the current building at 350 Park and building a new 1,500-foot tower in its place. The construction wasn’t slated to begin until after the building’s tenants’ leases expire in 2023, with a scheduled completion date sometime in 2027.

The Vornado spokesperson declined to comment on the status of the proposed tower, but in an earnings call earlier this month Vornado CEO Steven Roth said the firm would at least be pausing its redevelopment of Penn Station due to the ongoing market volatility, saying: “I must say that the headwinds in the current environment are not at all conducive to ground-up development.”
Quote:
The office property was 80 percent occupied as of June 2022, according to CRED iQ, but as of Aug. 30 this year, 15 tenants’ leases— comprising 41 percent of the net rentable area — were due to expire in the following 12 months, CRED iQ data shows.

Those tenants included M&T Bank, the largest existing tenant at 350 Park. In October, the New York Post reported that the bank would be moving its Manhattan headquarters from the office building to new digs at 277 Park Avenue.

Citadel was previously the building’s largest tenant, leasing 176,672 square feet. But Ken Griffin’s hedge fund has been slowly moving into L&L Holding Company’s 425 Park Avenue, with the billionaire CEO taking the top floor as his office — no surprise there.
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  #407  
Old Posted Nov 16, 2022, 6:06 PM
JMKeynes JMKeynes is offline
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This is an ultra-prime site that will yield rents between $200-$300/sf. I hope that zany Steve Roth doesn't screw this up.
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  #408  
Old Posted Nov 18, 2022, 8:42 PM
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175 Park and 350 Park Big Fish Alert:

Two more huge law firm tenants whose huge leases will expire around 2030: Proskauer and also Winston & Strawn

https://www.prnewswire.com/news-rele...-94121629.html

https://nypost.com/2010/12/07/jumbo-lease-on-park/
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  #409  
Old Posted Nov 18, 2022, 9:41 PM
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So futuristic looking.
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  #410  
Old Posted Nov 19, 2022, 1:00 AM
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So futuristic looking.
I agree.
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  #411  
Old Posted Dec 5, 2022, 11:54 PM
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This tidbit from the SL Green conference..


https://www.zonebourse.com/amp/cours...Call-42481379/

Quote:
Harrison Sitomer (Executives)

…..that focus on growth this year has been narrowly targeted towards acquiring premier, well-located office assets on Park Avenue that are highly sought after by tenants, attractive to international LPs and importantly, priced at a discount to pre-COVID trade.

So why are we so focused on the Park Avenue Spine. First, this has been and continues to be in the center of our backyard. Second, it's where everyone wants to be. Park Avenue's recognition as the premier commercial submarket was further enhanced this year with the ongoing development of JPMorgan's 2.3 million square foot headquarters at 270 Park, Blackstone's lease extension at 345 Park and the nearly completed deal with a major financial institution at 350 Park.

And with the city of options, why are we all choosing Park? Look, first, the most important amenity and neighborhood has to offer, its restaurants. You will recognize a few of our well-known spots, including Joji Sushi, Michelin [ Starleaf and Fasano ]. Further, the neighborhood offers residences, social clubs and hotels like the [ Aman ] and 432 Park. No other market offers a suite of amenities like this for New York City's business community.
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  #412  
Old Posted Dec 6, 2022, 1:22 AM
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Originally Posted by NYguy View Post
This tidbit from the SL Green conference..


https://www.zonebourse.com/amp/cours...Call-42481379/
The “nearly completed deal” at 350 Park probably relates to Citadel’s deal for space there, which I assume is short-term and a prelude to Citadel’s partnership in the new tower.

Last edited by JMKeynes; Dec 6, 2022 at 1:54 AM.
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  #413  
Old Posted Dec 10, 2022, 12:16 AM
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https://commercialobserver.com/2022/...in-agreements/

Vornado’s plans for a Midtown supertall to rival 425 Park are being put into action


BY EMILY FU
DECEMBER 9, 2022


Quote:
Citadel and an affiliate of its founder and CEO Kenneth Griffin reached an agreement with Vornado Realty Trust and Rudin Management Company that will give it the ability to build a new office tower in Midtown East, Vornado announced Friday.

As part of the deal, Citadel will master-lease Vornado’s 585,000-square-foot 350 Park Avenue for 10 years on an “as is” basis, with an initial annual net rent of $36 million. The hedge fund behemoth will also master-lease Rudin’s adjacent 390,000-square-foot 40 East 52nd Street.
Quote:
Vornado has also formed a joint venture with Rudin to purchase 39 East 51st Street for $40 million. The companies will combine that property with the above two assets to create a “premier development site,” according to the release.
Quote:
Starting in 2024, Griffin will have options to invest in the future of the development site, and either acquire a 60 percent interest in the Vornado/Rudin JV — valued at $1.2 billion — to build a 1.7 million-square foot office tower; execute a 15-year anchor lease for Citadel to take 850,000 square feet at the new tower, terminating its master leases at 350 Park Avenue and 40 East 52nd Street when the properties’ are demolished; or exercise an option to purchase the development site for $1.4 billion, with Vornado reaping $1.085 billion in that scenario and Citadel being the sole developer.
Quote:
Everyone likes options, and there’s one more. Between October 2024 and September 2030, the Vornado/Rudin JV will be able to sell the site to Griffin for $1.2 billion — with Vornado raking in $900 million — and the JV will have the right to invest in Griffin’s development of the site. Phew.

Vornado originally planned to build a new 1,500-foot tower at 350 Park. In November the commercial mortgage-backed securities loan on the property went into special servicing, with a Vornado spokesperson stating the transfer was due to a “complex consent request.” Chances are, this was it.
Quote:
Citadel is already a tenant at 350 Park and a new development there could serve as its new New York City headquarters. The firm seemingly has an unending appetite for office space, having expanded to 331,800-square-feet at 425 Park Avenue in 2019, which a spokesperson for Citadel told Bloomberg it has already outgrown.

“We reached the decision to pursue this transaction after thorough consideration of other alternatives in New York City,” Zia Ahmed, a spokesperson for Citadel, told 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.”




https://www.bloomberg.com/news/artic...uverify%20wall

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.



ByNatalie Wong and Amanda L Gordon
December 9, 2022


Quote:
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.

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



https://www.globenewswire.com/news-r...nd-Street.html

Vornado and Rudin Announce Agreements with Respect to 350 Park Avenue and 40 East 52nd Street


December 09, 2022


Quote:
Vornado Realty Trust and Rudin today announced that they have reached agreements with Citadel Enterprise Americas LLC (“Citadel”) and with an affiliate of Kenneth C. Griffin, Citadel’s Founder and CEO (“KG”), on a series of transactions relating to 350 Park Avenue and 40 East 52nd Street. Effectiveness of the agreements is subject to the receipt of certain third-party approvals which the parties expect to receive within the next 35 days.

Citadel will master lease Vornado’s 350 Park Avenue office building (585,000 square feet) on an “as is” basis for ten years, with an initial annual net rent of $36 million, retroactive to June 15, 2022. Citadel will also master lease Rudin’s adjacent property at 40 East 52nd Street (390,000 square feet).

In addition, Vornado has entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40 million and, upon formation of the KG joint venture described below, will combine that property with 350 Park Avenue and 40 East 52nd Street to create a premier development site (collectively, the “Site”).
Quote:
From October 2024 to June 2030, KG will have the option to either:

* acquire a 60% interest in a joint venture with Vornado/Rudin that would value the Site at $1.2 billion ($900 million to Vornado and $300 million to Rudin) and build a new 1.7 million square foot trophy office tower (the “Project”) pursuant to East Midtown Subdistrict zoning with Vornado/Rudin as developer. KG would own 60% of the joint venture and Vornado/Rudin would own 40% (with Vornado owning 36% and Rudin owning 4% of the joint venture along with a $250 million preferred equity interest in the Vornado/Rudin joint venture).

-at the joint venture formation, Citadel or its affiliates will execute a pre-negotiated 15-year anchor lease with renewal options for approximately 850,000 square feet (with expansion and contraction rights) at the Project for its primary office in New York City;

-the rent for Citadel’s space will be determined by a formula based on a percentage return (that adjusts based on the actual cost of capital) on the total Project cost;

-the master leases will terminate at the scheduled commencement of demolition;

-or, exercise an option to purchase the Site for $1.4 billion ($1.085 billion to Vornado and $315 million to Rudin), in which case Vornado/Rudin would not participate in the new development.
Quote:
The parties intend to immediately commence design of the Project and process approvals.

Further, Vornado/Rudin will have the option from October 2024 to September 2030 to put the Site to KG for $1.2 billion ($900 million to Vornado and $300 million to Rudin). For ten years following any put option closing, unless the put option is exercised in response to KG’s request to form the joint venture or KG makes a $200 million termination payment, Vornado/Rudin will have the right to invest in a joint venture with KG on the terms described above if KG proceeds with development of the Site.



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Last edited by NYguy; Dec 10, 2022 at 12:50 AM.
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  #414  
Old Posted Dec 10, 2022, 12:50 AM
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An early Christmas present!


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  #415  
Old Posted Dec 10, 2022, 1:03 AM
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People on this forum are so fast.

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An early Christmas present!


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  #416  
Old Posted Dec 10, 2022, 1:38 AM
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This is going to be THE building in NYC.

https://www.globenewswire.com/news-r...nd-Street.html
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  #417  
Old Posted Dec 10, 2022, 1:58 AM
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Wowza
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  #418  
Old Posted Dec 10, 2022, 2:30 AM
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So just to clarify, this is a completely different and mammoth tower and not at all this stacked design we've been looking at for several years. The footprint just doubled with the addition of 40 E 52. At nearly 2 msf this thing will be collosel.
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  #419  
Old Posted Dec 10, 2022, 2:36 AM
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From Apr 10, 2018...
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Originally Posted by Submariner View Post
Imagine if they bought the BlackRock building behind it and made a massive land assembly.
Abracadabra
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  #420  
Old Posted Dec 10, 2022, 2:46 AM
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Originally Posted by Busy Bee View Post
So just to clarify, this is a completely different and mammoth tower and not at all this stacked design we've been looking at for several years. The footprint just doubled with the addition of 40 E 52. At nearly 2 msf this thing will be collosel.

https://skyscraperpage.com/forum/sho...4&postcount=27

That Rudin tower was always a part of the plan. What wasn’t clear was that townhouse on 51st Street. Now we get the full footprint.


Quote:
In addition, Vornado has entered into a joint venture with Rudin (“Vornado/Rudin”) to purchase 39 East 51st Street for $40 million and, upon formation of the KG joint venture described

At 1.7 msf (zoned area), it will be a little smaller in size than 270 Park’s 1.9 msf of floor area, both towers ultimately above 2 msf. But 270 Park has a much larger footprint. It will be interesting to see if they shoot for a roof height higher than 270 Park.


Quote:
The parties intend to immediately commence design of the Project and process approvals.

This will be fun.
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