When hedge fund billionaire Ken Griffin relocated his $51 billion Citadel from Chicago to Miami last year, he cited the Sunshine State’s business-friendly policies and Chicago’s rising crime rates as catalysts for the move.
Now the famously aggressive trader is expanding Citadel’s footprint in Miami before employees have even settled into their new digs. Citadel and its sister market-making firm Citadel Securities are adding two extra floors to their already massive eight-floor pre-lease at OKO Group and Cain International’s newly built 830 Brickell tower in Miami’s financial district.
The expansion brings Citadel’s total occupancy to 10 floors spanning over 300,000 square feet in the sleek, sail-shaped 55-story skyscraper. It’s the first top-tier office development delivered in the city in over a decade. The extra floors became available after two Chicago law firms – Winston & Strawn and Kirkland & Ellis – shuffled their leasing plans, presenting an opportunity Griffin’s team quickly pounced on. While a Citadel spokesperson confirmed the enlargement, further details on the value of the deal were not disclosed.
Premium office rents at the property reportedly top $100 per square foot, multiples higher than typical Brickell averages around $80. When Citadel’s new headquarters opens later this summer, the contemporary tower promises abundant amenities befitting a billionaire owner’s tastes: A swanky rooftop bar and restaurant, wellness center with yoga and fitness studios, an outdoor sky terrace, and 24/7 concierge service. It’s just the start of Griffin’s grandiose vision transforming Miami into Wall Street’s southern rival. The 54-year-old, worth $31.7 billion, has been enthusiastically promoting his new home base, calling Miami “the future of America” in interviews and pledging $1 billion for Citadel’s eventual permanent headquarters.
He’s already been snapping up prime real estate, including a prized waterfront parcel, while donating millions to local schools, hospitals and projects. Griffin is all-in on the city stealing finance’s spotlight from New York. Citadel’s move brought hundreds of high-paying jobs, with 450 employees expected by summer, fueling Miami’s quickly evolving into a legitimate corporate hub. Major firms like Microsoft, Thoma Bravo and law firm Baker McKenzie have also signed on at 830 Brickell. As Wall Street’s elite continue making Miami inroads, Griffin is aiming to lead the sunny new frontier.
Source: CoStar