Vornado Realty Trust 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). 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.