Citadel Partners with Related Companies to Build Tower in Brickell
In a major announcement that underscores Brickell’s evolving skyline, Citadel has revealed its partnership with Related Companies to construct a striking new tower in the heart of Miami’s financial district. According to plans filed last year, the proposed 55-story tower will reach an impressive height of 1,046 feet above ground, or 1,049 feet above sea level, officially earning it the designation of a “supertall” structure. Designed by the world-renowned architecture firm Foster + Partners, the building will feature a sleek, modern aesthetic that complements Brickell’s reputation as Miami’s financial and urban epicenter.
The tower will primarily house office spaces, catering to the increasing demand for premium work environments in the area. Additionally, the project will include hotel accommodations and retail spaces, further enhancing its appeal as a mixed-use destination. A key feature of the development is a public baywalk, which will provide residents and visitors with access to scenic waterfront views and outdoor leisure opportunities.
This partnership with Citadel marks a significant pivot for Related Companies in Brickell. The developer had previously teamed up with Swire Properties to work on a separate near-supertall office tower project known as One Brickell City Centre. However, that property has now been listed for sale, signaling a strategic shift in Related’s focus toward the new collaboration with Citadel.
The Citadel-Related tower is poised to become a standout addition to Miami’s iconic skyline, reinforcing Brickell’s status as a hub for business, luxury, and innovation. With its combination of striking architecture, prime location, and versatile offerings, this project is set to attract global attention and further cement Miami’s position as a premier destination for commerce and lifestyle.
Citadel’s Iconic Headquarters Set to Break Ground in Miami in 2025
Billionaire Ken Griffin has officially confirmed that Citadel is set to begin construction on its highly anticipated headquarters tower in the third quarter of 2025. Griffin, the founder of Citadel, emphasized that the new building will be “iconic not just for Miami, but for the entire world.” This bold statement reflects his continued commitment to establishing Miami as a premier destination for finance, innovation, and growth.
While acknowledging the “growing pains” that come with Miami’s rapid development—such as increasing traffic congestion and rising housing prices—Griffin remains optimistic. In an interview with Axios, he stated that these challenges are far preferable to the economic stagnation seen in other major cities.
Griffin also called on Miami’s leadership to address these issues proactively:
Expanding Transit Systems: Improved public transportation will help alleviate traffic woes and support the city’s expanding workforce.
Streamlined Construction Permitting: Simplifying the permitting process is essential to boosting housing supply and controlling escalating real estate prices.
By addressing these challenges, Griffin believes Miami can continue its trajectory as a vibrant, business-friendly city that attracts top talent from around the world.
Citadel’s headquarters will undoubtedly leave a lasting mark on Miami’s skyline and global reputation. With construction set to begin in 2025, anticipation is building for what promises to be an architectural and economic landmark.
Stay tuned for more updates as Miami’s transformation continues to take shape, one groundbreaking project at a time.
Conceptual Plans Unveiled for a New Brickell Supertall Tower at 1201 Brickell Bay Drive in Miami
Miami’s skyline is on the cusp of a dramatic transformation with the unveiling of conceptual plans for a new supertall skyscraper at 1201 Brickell Bay Drive. This ambitious project promises to redefine the city’s architectural landscape and elevate Brickell to new heights, both literally and figuratively.
The new tower is proposed to soar 1,032 feet above sea level, making it one of the tallest structures in the region. Standing at 54 stories, the 1201 Brickell Bay Drive project is designed to be a cornerstone of Miami’s urban future.
The first phase of the development, known as the 1201 tower, will encompass a variety of high-end uses:
Office Space: The building will offer a staggering 1,293,373 square feet of office area, catering to the demands of modern businesses and setting a new standard for workspace luxury.
Hotel Accommodations: With 212 hotel rooms, the tower will include a suite of amenities such as a health spa, fitness club, ballroom, and conference and event spaces, aiming to attract both business travelers and tourists.
Parking Facilities: Approximately 50 below-grade executive parking spaces will be provided on-site, with additional parking available across the street to accommodate the needs of tenants and visitors.
The design of this landmark project is in the capable hands of renowned architecture firms. Foster + Partners is listed as the design architect, bringing their global reputation for innovative and sustainable design to Miami. AAI Architects will serve as the architect of record, ensuring that the design vision is faithfully executed. The landscape architecture will be overseen by Field Operations, known for their work on urban spaces that seamlessly blend with their surroundings.
The 1201 Brickell Bay Drive tower is just the beginning. Subsequent phases of the development will extend across the street to 1221 Brickell Avenue and 1250-1260 Brickell Bay Drive. These phases are expected to incorporate a mix of office space, food and beverage establishments, retail and personal services, residential units, and additional parking facilities. This comprehensive approach will create a dynamic and multi-functional urban environment.
The project is reportedly owned by Citadel, a global financial institution known for its significant investments in real estate. Their involvement underscores the scale and ambition of the project, signaling a major investment in Miami’s future.
The unveiling of the 1201 Brickell Bay Drive project marks a significant milestone in Miami’s architectural evolution. As the city continues to grow and attract global attention, this new supertall will not only add to the city’s impressive skyline but also enhance its status as a hub of commerce, luxury, and innovation.
Stay tuned as more details emerge and the project progresses from conceptual plans to a tangible reality. Miami is set to experience a new era of skyscraper sophistication, and 1201 Brickell Bay Drive will undoubtedly be at the forefront of this exciting transformation.
Rothschild & Co. Financial Services Signs Lease at 830 Brickell
One of the biggest independent financial advice firms in the world, Rothschild & Co. will be opening up a location in the heart of Brickell’s newest construction commercial tower.
With many businesses choosing to occupy space at 830 Brickell, the deal signifies a continuation of South Florida’s flood of newly established businesses. Around 90% of the 640,000 square foot project is anticipated to be finished this year. It will be Brickell’s first brand-new independent office tower in more over ten years.
In addition to Microsoft,Citadel, the international law firms Kirkland & Ellis, Sidley Austin, Winston & Strawn LLP, and Baker McKenzie, A-CAP Insurance based in New York, the private equity firm Thoma Bravo, the companies CI Financial, and Marsh Insurance have signed leases in the past few months.
About 830 Brickell
830 Brickell is a 55 story Class A office tower located in the Brickell Financial District. Developed by OKO Group and Cain International, the tower was designed by Adrian Smith + Gordon Gill. Interiors have been designed by the Italian architecture company, Iosa Ghini Association.
830 Brickell totals 650,000 square feet.
With floor-to-ceiling windows, column-free spans, cutting-edge digital infrastructure with Wired certification, and a LEED Silver certification due to its innovative environmental efficient design, 830 Brickell will offer breathtaking panoramic ocean and city views that are unique to Miami.
An upscale rooftop restaurant and bar, a sky lobby with a nearly 2,500 SF health and wellness center and a first-rate conference facility, a 14th floor outdoor terrace designed by Enea Landscape Architecture, valet parking, electric vehicle charging stations, cafés, and white-glove customer service, including a 24-hour concierge, are just a few of the cutting-edge, first-class amenities offered by the tower.
OKO Group and Cain International are also responsible for Una Residences and Missoni Baia, residential towers in Miami. Missoni Baia has already reached 90% sold. Una is currently scheduled for completion in 2023. 830 Brickell should be completed by the end of 2023.
Ken Griffin’s Citadel Continues to Purchase Land and Properties in Miami
With a record-breaking purchase on the South Florida waterfront months ago, Ken Griffin has officially moved the Citadel’s headquarters from Chicago to Miami at the 830 Brickell new construction tower.
Along with the move and the purchase of a private residence, Griffin and his company were responsible for the $363 million acquisition of a 2.5-acre (1-hectare) unoccupied land at 1201 Brickell Bay Drive. Since the transaction closed in April, the buyer was hidden behind a limited liability company with a mailing address in Chicago.
The company announced last week that it intends to collaborate with developer Sterling Bay to design and construct an office tower on Brickell Bay, which is located in the city’s economic district and spans less than a mile.
Another LLC purchased a 28-story office building at 1221 Brickell Avenue earlier this month for $286.5 million across the street from the 1201 Brickell Bay site, according to public papers. Randall Davis, who also acted in this capacity for the 1201 LLC, is the authorized signatory for the 1221 Brickell LLC. Emma Bass and Angela Cusumano, the witnesses in a 1221 Brickell filing, also work at Sterling Bay.
The relocation of Citadel by Griffin represents one of the largest financial company expansions in Florida. Developers in Miami applauded the decision and said it would encourage more businesses to look for space in the city. Among the companies that have grown in the state recently are Dan Sundheim’s D1 Capital Partners and Goldman Sachs Group Inc.
According to the Bloomberg Billionaires Index, Griffin, 53, just relocated to Miami with his family and has a personal wealth of $29.1 billion. He has recently expressed his dissatisfaction with the governmental leadership in Illinois and Chicago’s crime rate, although he has long been investing in real estate in Florida, where he was born and raised.
Over the past ten years, the millionaire has amassed property in Palm Beach that has cost at least $350 million. During the Covid-19 epidemic, some of Griffin’s traders fled their offices in Chicago and New York and took over the Four Seasons Palm Beach.
Griffin recently purchased a number of properties in the Miami area, including homes on the prestigious Star Island in the middle of 2020 and a $45 million mansion in the Coral Gables district in April. An individual with knowledge of the situation claims that he has had Citadel personnel assess the commercial real estate in the city for at least two years.
Chicago Hedge Fund Citadel Establishes New Headquarters at 830 Brickell Tower
Less than two months after announcing that he was relocating the Citadel hedge fund from Chicago to Miami and planning to establish a new headquarters, billionaire Ken Griffin signed a significant lease for the company’s premises at 830 Brickell.
Citadel signed a long-term lease for about 95,000 square feet at the 55-story tower at 830 Brickell Plaza, according to people familiar with the arrangement. The skyscraper is being developed by Vlad Doronin’s OKO Group and Cain International, and the asking rates there have reached $125 to $150 per square foot.
Two leases at $130 per square foot are being negotiated, according to a second source, and recent full-service leases have been completed at $110 to $120 per square foot, making the Citadel’s deal ranging from $10.5 million to $11.4 million a year.
According to Justin Oates, SVP at Cain, OKO, and Cain anticipate finishing 830 Brickell within the next six months, with tenants moving in sometime next year.
Griffin revealed in June that Citadel and financial services company Citadel Securities would relocate their corporate headquarters from Chicago to Miami. The choice was made at a time when Miami has developed over the previous 15 months into a destination for the relocation and growth of out-of-state financial firms.
A 2.5-acre bayfront development site at 1201 Brickell Bay Drive has been purchased by Citadel, according to the information originally published by Bloomberg and confirmed by sources to TRD. In April, that transaction concluded for a record $363 million. Citadel may also be related to the $286.5 million acquisition in June of the 28-story office building at 1221 Brickell Avenue, which is across the street. The acquisitions have not been confirmed or disputed by Citadel.
Approximately 70% of the 640,000 square foot 830 Brickell building is already leased, a representative for the development team said.
Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.
Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.
Canadian asset manager CI Financial doubled its original lease signed last year to about 40,000 square feet in January.
Between late last year and this summer, other large tenants included the IT behemoth Microsoft, the insurance and financial services company A-CAP, and Marsh, the insurance division of Marsh & McLennan Companies.
Hedge Fund Manager Ken Griffin is Moving Citadel Securities from Chicago to Miami
Another large corporation recently declared it would relocate its headquarters to Miami. Hedge fund manager and billionaire Ken Griffin said in a letter to his staff on Thursday that Citadel, his investment firm, will be moving to Miami after more than 30 years in Chicago.
“I am excited to share with you that Citadel is moving its global headquarters to Miami. Miami is a vibrant, growing metropolis that embodies the American Dream. I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,” states Griffin’s letter to his staff.
Griffin acknowledged previous assistance from influential business and political figures and referred to Chicago as Citadel’s “amazing home” in the memo. However, he has claimed in other places that an increase in crime has made it more difficult for Citadel to recruit top talent, leading the company to increase its headcounts in other locations while decreasing it in Chicago.
Griffin stated in April, “If people aren’t safe here, they’re not going to live here. I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”
The new office building will be built “on Brickell Bay” and will be designed in collaboration with Chicago developer Sterling Bay. 1201 Brickell Bay Drive is one potential location. The site, the sole unoccupied property on the bay in Brickell, just sold for a record-breaking $363 million to an anonymous LLC with a Chicago address.
Griffin, the wealthiest person in the state, is also the most prominent philanthropist in Chicago, according to a Forbes estimate of his net worth at more than $25 billion.
He has given about $500 million to regional organizations and intends to contribute even more, but he is also well known for his large political contributions, including $50 million to Richard Irvin, a Republican candidate for governor.
The transfer of Citadel is anticipated to take several years. More than a thousand people work for the firms in Chicago, and while some are anticipated to stay, it is unclear how many.
