Vornado Realty Trust is poised to provide a significant update on its 350 Park Avenue development project, a planned skyscraper in Midtown Manhattan where billionaire Ken Griffin's Citadel companies are slated to be anchor tenants. The update is anticipated during Vornado's second-quarter earnings call, scheduled for Tuesday morning, following the REIT's market close on Monday.
CEO Steve Roth and other Vornado executives are expected to discuss the company's involvement in the 350 Park Avenue project. Demolition of three existing buildings at the site, located on Park Avenue and East 52nd Street, is currently underway to make way for the new skyscraper. Two Citadel-controlled entities have committed to occupying at least 850,000 square feet in the building.
Griffin's personal commitment to the development has been a focal point. In prior statements, Roth described Vornado's role as either a "participant or a seller" in the project, detailing the ownership structure as 60% held by Griffin, 36% by Vornado, and 4% by the Rudin family. The success of the development hinges on Citadel's commitment as the anchor tenant. Roth previously indicated that Griffin had "committed to start this whole thing" and that clarity on the project's progression would emerge by mid-summer.