Key facts
- Citadel and Citadel Securities will occupy roughly 561,000 square feet of a new 1.7 million square foot office tower in Miami.
- The company broke ground on the $2.5 billion headquarters project in March and expects to begin vertical construction in the fourth quarter.
- Citadel's Chief Workplace Officer Paul Darrah expressed optimism about the Miami market.
- The hedge fund is also developing a 300-unit apartment building and a parking garage on nearby land owned by Ken Griffin.
- Citadel's founder, Ken Griffin, is also proceeding with a $6 billion tower project in New York City.
Citadel and its sister market-making firm, Citadel Securities, are set to occupy a significant portion of a new office tower in Miami's Brickell financial district, marking a substantial expansion for the company in the region. The hedge fund plans to take approximately 561,000 square feet, or one-third, of the 1.7 million square foot, 54-story building being developed by founder Ken Griffin.
Site work for the $2.5 billion headquarters at 1201 Brickell Bay Drive has already begun, with vertical construction anticipated by the fourth quarter of this year, according to Citadel Chief Workplace Officer Paul Darrah. Darrah expressed enthusiasm for the market momentum and migration to Miami, stating the company is "bullish on the market."
The decision to occupy over 550,000 square feet represents an expansion from earlier considerations of 300,000 to 400,000 square feet. This move comes after Citadel scrapped a planned hotel component for the tower, which would have occupied over 400,000 square feet. Citadel is still exploring a hotel option across the street and has proposed building a 300-unit apartment building and a 1,420-space parking garage on adjacent land owned by Griffin.
Griffin acquired the 1201 Brickell Bay Drive site for $360 million in 2022 and also purchased a nearby 28-story office building. He plans to demolish the Solaris condo building situated between his existing office and the new headquarters site. Citadel's current Miami presence is at 830 Brickell, where it has about 500 employees.
The Miami expansion occurs amidst public tension between Griffin and New York City Mayor Zohran Mamdani, who criticized Griffin's real estate holdings. Griffin stated the mayor's actions put him in harm's way and may impact his commitment to New York, suggesting Miami will see more job growth as a consequence. Despite some doubts from a deputy mayor, Griffin indicated Citadel would likely proceed with its $6 billion New York City tower project.