Ken Griffin is bringing in the heavy guns, partnering with Related Companies to build Citadel’s new $1 billion-plus Miami headquarters on the bay.
Spokespersons for both firms confirmed to The Real Deal that New York-based Related, led by CEO Jeff Blau and President Bruce Beal Jr., will co-develop the planned 54-story mixed-use tower on a bayfront site at 1201 Brickell Bay Drive.
Griffin, whose net worth is pegged at $43.6 billion by Forbes, has built a South Florida residential and commercial portfolio worth more than $1 billion.
Designed by starchitect Norman Foster’s eponymous firm, the 1,032-foot Citadel skyscraper will feature 1.3 million square feet of office space on the first 34 floors, and the uppermost floors will house 212 hotel rooms. The Citadel project will also have fine dining restaurants with 915 seats, a 5,239-square-foot health/spa area and open space, according to plans and documents filed with Miami-Dade County.
Foster has worked with Related in the past, designing the developer’s 50 Hudson Yards, a 78-story office building in New York.
“We are excited to partner with the team from Related Companies as we work together to develop an iconic tower that will redefine Miami’s skyline.” a Citadel spokesperson said in a statement.
An entity tied to Griffin and Citadel bought the 1201 Brickell Bay Drive property for a record $363 million from the Hollo family’s Florida East Coast Realty in 2022, about the same time the billionaire hedge fund manager moved his firm and sister company Citadel Securities to Miami from Chicago.
Also in 2022, Griffin entities paid $20 million for 1250 and 1260 Brickell Avenue, which are adjacent to 1201 Brickell Bay Drive. Griffin is planning an office building and a residential tower on the other two sites, but he has not disclosed if the units will be apartments or condos.
Citadel initially partnered with Sterling Bay to co-develop the new Miami headquarters, but parted ways with the Chicago-based development firm in 2023.
Related Cos., and Related Ross, a South Florida development firm recently formed by Related founder Steve Ross, previously was partnering with Swire Properties to co-develop another mixed-use supertall building, One Brickell City Centre, which is expected to break ground soon.
However, a source close to the firms who spoke on condition of anonymity said the joint venture is “not active at this time.”
