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.

Top Tech Giants That Made the Move to Miami in 2021

A slew of new technology executives and investors have relocated or acquired houses in Miami during 2021. This is of no surprise with the growing tech industry, cryptocurrency evolution, and just better benefits/housing opportunities for companies/execs emerging in the Miami area.

Here are the top 10 big tech execs that have made their way to Miami in 2021:

• Co-founder of Paypal, Peter Thiel recently purchased 2 Miami mansions for a total of $18 million in Miami Beach. Thiel is also the co-founder of Founders Fund who recently leased office space in Wynwood.
• General partner for Bling Capital, Benjamin Ling purchased a mansion on Palm Island for $28 million.
• CEO of Goody, Edward Lando purchased a $15.1 million mansion on the Venetian Islands. Not only did he purchase on the Venetian Islands but he did purchase a Miami Beach home in April for $3.3 million.
• CEO of PKWARE, Spencer Kupferman purchased a waterfront mansion in Bay Harbor Islands for $12.75 million in September.
• Former CEO of Paypal, Bill Harris relocated to Wynwood where he launched Nirvana Technology in 2021.
• CEO of SeedInvest, Ryan Feit moved to Miami shortly after he opened an office for this company in Miami.
• Co-Founder of Oracle, Larry Ellison bought a mansion in North Palm Beach after Oracle downsized and relocated to South Florida.
• CEO of Teal, David Fano moved his corporate headquarters from New York to Miami in February 2021.
• Co-Founder of Spectrum Labs, Justin Davis moved to South Florida after Spectrum’s headquarters moved from San Francisco to Miami even though they are still allowing their company’s employees to work remotely.
• TechCrunch Founder, Jack Arrington purchased a home in Coral Gables for $16 million in the Old Cutler Bay neighborhood.

Miami is not only the ideal location for techies but for the Month of November, Miami was considered one of the most popular U.S. destinations to relocate to. This is the fourth month in a row that Miami is leading the nation and you can bet, that it will continue to be the go-to city.

Another Tech Exec Moves to Miami-Purchases Waterfront Estate for $12.75 Million

As Miami becomes a new tech hub for the east coast, more high-net tech execs and their families are migrating to its rapidly expanding financial districts as well as its barrier islands.

Spencer Kupferman, CEO of PKWare (Wisconsin-based tech company) and his wife Ruth recently purchased a waterfront estate in Bay Harbor Islands for $12.75 million. The home located at 10000 West Broadview Drive, features 7,426 square feet of living space with 8 bedrooms, 7 full baths, and 2 half baths.

The home was rebuilt in 2015 and designed with a mixture of Modern and Plantation architecture to embody the tropical foliage views. The mansion also features a grand living room with 20+ foot ceilings and a gorgeous chef’s kitchen. The kitchen is not limited in high-end features, with a SubZero, Bosch, and Miele appliances.

The waterfront estate also offers an abundance of indoor and outdoor entertainment space with wide open bay views on 75 feet of water frontage. The Kupferman’s will also enjoy a private boat dock with a lift. This home is also considered a smart home with the Lutron systems that feature integrated lighting, speakers, and security camera options.

The sellers for this home are Tony Seiden, who is the CEO of a New York based foreign business corporation and wife Jaffe Seiden. The Seidens took advantage of the current Miami market when they originally purchased the home in 2006 for $3.6 million and now selling it as $9.15 million price increase. The home was originally built in 1956 with renovations and updates along the way.

This purchase is considered the highest price sale for a residential single-family home in Bay Harbor Islands. The previous record was a sale that occurred last month by a Former Anheuser-Busch exec Fued Sadala who purchased 9814 West Broadview Drive for $12 million.

For more information on Bay Harbor Island’s luxury homes or any of its new projects including Ambienta and Onda, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.