A long-awaited office tower is now one step closer to being built.

Vornado Realty Trust has filed a construction permit application for a high-rise at 350 Park Avenue. Vornado is partnering with Rudin Management and hedge fund Citadel on the development of the tower located between East 50th and 51st streets.

The permit application describes a 62-story building totaling more than 2 million square feet.

Citadel, in addition to being a partner on the project, has agreed to rent space in the tower. Vornado announced in 2022 that the hedge fund giant would pay an initial rent of $36 million for the space, backdated to 2022. The company and its sister firm, Citadel Securities, plan to occupy 850,000 square feet in the building.

Citadel, Vornado and Rudin did not immediately respond to a request for comment.

Plans for the high-rise have been gestating for years, but the Department of City Planning gave the trio of firms the green light in September, according to New York YIMBY. The three buildings on the site, one a 30-story office tower, will need to be demolished for the new high-rise. Plans for the project include a 12,500-square-foot outdoor public plaza and 16,000 square feet of ground-floor retail space, according to YIMBY.