Citadel, the multi-strategy hedge fund major founded by Ken Griffin, and Citadel Securities, his market-making firm, are progressing with plans to build a new 1.8m sq ft skyscraper on New York's Park Avenue, in partnership with Vornado Realty Trust and Rudin, according to a report by CoStar.

The two firms will become anchor tenants at the 62-storey tower which, at 1,600ft tall, will be second in height among existing buildings to only the 1,776-foot-tall One World Trade Center in lower Manhattan.

The report cites a statement from New York City Mayor Eric Adams' office as confirming that Citadel and Citadel Securities will occupy at least 850,000 sq ft at 350 Park Avenue.

Designed by Pritzker Prize-winning British architect Norman Foster’s eponymous firm Foster + Partners, the public-private 350 Park project, which is located between 51st and 52nd streets, includes the creation of a 12,500 sq ft public concourse and funding for other public improvements. The tower will feature floor-to-ceiling glass, landscaped terraces and a stepped configuration.