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Citadel Miami

Citadel Partners with Related Companies to Build Tower in Brickell

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Citadel Miami

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

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New Construction Tower in Ken Griffin

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.

Ken Griffin's Citadel Purchases Vacant Land in Brickell

Billionaire Ken Griffin Moves Forward with $1 Billion Mixed-Use Tower in Miami’s Brickell Financial District

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Ken Griffin's Citadel Purchases Vacant Land in Brickell

Ken Griffin, the billionaire founder and CEO of Citadel and owner of Citadel Securities, is pushing ahead with ambitious plans to develop a $1 billion-plus mixed-use tower in Miami’s vibrant Brickell Financial District. This significant development marks a new chapter for both Citadel and the rapidly evolving Miami skyline.

This week, Griffin’s attorney, Neisen Kasdin, submitted a pre-application for three prominent sites located at 1201 Brickell Bay Drive, 1221 Brickell Avenue, and 1250-1260 Brickell Bay Drive. These sites will collectively host the new headquarters for Citadel and Citadel Securities, reflecting Griffin’s commitment to establishing a substantial presence in Miami.

The proposed tower at 1201 Brickell Bay Drive will feature a mix of office spaces, a luxury hotel, retail outlets, food and beverage venues, and ample parking. This development will be constructed under Miami-Dade County’s rapid transit zoning regulations, a testament to the city’s forward-thinking urban planning. The sites fall within a Metromover subzone added in recent years, enhancing their accessibility and appeal.

In addition to the new tower, preliminary site plans suggest that residential units may be integrated into the existing office building at 1221 Brickell Bay Drive. This blend of commercial and residential spaces is designed to create a dynamic, multi-functional environment in the heart of Brickell.

Griffin has enlisted the expertise of Norman Foster’s renowned London-based architecture firm, Foster + Partners, to bring this vision to life. Philadelphia-based Gattuso Development Partners, led by office developer John Gattuso, is also collaborating on the project.

The Brickell assemblage, spanning approximately 4.2 acres, was acquired by companies linked to Griffin and Citadel for nearly $670 million in 2022. The most notable transaction was the $363 million purchase of the 2.5-acre bayfront lot at 1201 Brickell Bay Drive from the Hollo family’s Florida East Coast Realty. This deal set a record price for the development site.

While the project’s future height will be restricted by Federal Aviation Administration regulations, capping buildings in Miami at 1,049 feet, the development is poised to make a significant impact on the city’s skyline.

Citadel has been steadily expanding its footprint in Miami. Recently, it increased its space at 830 Brickell to a total of approximately 130,000 square feet. Additionally, Citadel and Citadel Securities maintain a presence at the Southeast Financial Center in downtown Miami.

Ken Griffin has also been investing heavily in South Florida’s residential real estate market. He owns several waterfront properties in Miami, Miami Beach, and Palm Beach. The Daytona Beach native’s relocation from Chicago to South Florida includes plans to sell some of his residential properties in Chicago, where he originally built his business empire.

Ken Griffin's Citadel Purchases Vacant Land in Brickell

Ken Griffin’s Bold Forecast for Miami’s Financial Ascent

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Ken Griffin on the State of Miami

Citadel’s CEO Ken Griffin has cast Miami in a pivotal role in the global financial theater, potentially rivaling New York’s dominance. Speaking at Citadel Securities’ Global Macro Conference, Griffin, a financial heavyweight with a net worth of $35.4 billion, envisioned a future where Miami’s Brickell Bay could ascend to be the new nerve center of finance, even referring to New York as “Brickell Bay North” in the coming decades.

The shift towards the sun-soaked allure of South Florida has already begun, with finance moguls drawn by the favorable climate and tax advantages. Griffin, who relocated to Miami last year, is spearheading this transition, not only through Citadel’s expansion but also via a transformative $1 billion-plus waterfront complex destined to become Citadel’s headquarters. His vision extends to civic contributions, with significant investments in local institutions and initiatives.

Griffin maintains respect for New York’s dense concentration of financial expertise and has plans to erect an imposing new skyscraper in Manhattan. However, he acknowledges Florida’s political landscape as fertile ground for economic expansion. Griffin’s commentary implies a strategic consideration for Miami could be the vanguard of America’s financial future, suggesting a recalibration of geographic portfolios might be prudent.

Citadel Miami

Ken Griffin’s Citadel Continues to Purchase Land and Properties in Miami

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Citadel 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.

The Citadel Leases at 830 Brickell

Chicago Hedge Fund Citadel Establishes New Headquarters at 830 Brickell Tower

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The Citadel Leases at 830 Brickell

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.

Capital Securities Miami

Hedge Fund Manager Ken Griffin is Moving Citadel Securities from Chicago to Miami

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Capital Securities 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.