Citadel is planning to open one of Miami’s largest corporate headquarters in a tower being developed by its founder and CEO, billionaire Ken Griffin.
The hedge fund and its sister market-making business, Citadel Securities, plan to take a third, or roughly 561K SF, of a 1.7M SF office tower in Brickell, where site work is already underway, Citadel Chief Workplace Officer Paul Darrah said at Bisnow’s South Florida Office Summit on Thursday.
Courtesy of Foster + Partners
The planned 54-story tower at 1201 Brickell Bay Drive
The company, which broke ground on the Miami headquarters in March and is in the deep soil-mixing process, plans to go vertical by the fourth quarter of this year, Darrah told Bisnow after the panel.
“There’s continued to be momentum and migration here, which is exciting, and it’s all of the support services that ensure our success,” Darrah said onstage at the event, held at the Hotel Colonnade Coral Gables.
“We’re bullish on the market,” he added.
The firm’s headquarters is currently based in 830 Brickell, with roughly 500 employees.
Citadel tapped Related Cos. as its development partner on the $2.5B project — which Griffin said “will be an iconic building in the world” — at 1201 Brickell Bay Drive. The company last month scrapped a planned hotel component of the tower, which would have taken more than 400K SF in the building with 212 rooms, Commercial Observer reported.
The hedge fund had been considering taking between 300K SF and 400K SF in the tower, so the decision to take more than 550K SF represents a significant expansion.
This is a developing story.