(Bloomberg) -- Citadel founder Ken Griffin’s efforts to build a 62-story office tower on Manhattan’s Park Avenue have taken a significant step forward. 

Griffin and developers Vornado Realty Trust and Rudin have filed plans with New York City for their 1.8 million-square-foot (167,200-square-meter) skyscraper at 350 Park Ave., according to a statement Tuesday. 

Citadel and Citadel Securities will be the anchor tenants in the building, occupying at least 850,000 square feet of its office space. The project is expected to be completed by 2032 and will include a public concourse.

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The building, designed by Foster + Partners, “will provide our colleagues an extraordinary environment to collaborate, create and deliver on behalf of our investors in Citadel and clients of Citadel Securities,” Griffin said. 

To build the tower, the development partners will purchase air rights from the nearby St. Bartholomew’s Church and St. Patrick’s Cathedral, contributing a combined $150 million toward upkeep of the historic properties, according to the statement.

New York’s office market has been hit hard by high vacancies and reduced demand since the pandemic. Still, tenants that are looking to expand or upgrade their offices in the city have gravitated to newly constructed and renovated towers that are packed with amenities. 

One new skyscraper — 425 Park Ave., where Citadel is also the anchor tenant — recently landed a $911 million refinancing after 90% of its space was leased. 

Read more: The Brutal Reality of Plunging Office Values Is Here

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