Billionaire Ken Griffin is bolstering the office space at his Brickell supertall that will serve as Citadel and Citadel Securities’ headquarters, with the firms potentially taking additional square footage.
Griffin now is developing a standalone 54-story, 1.7 million-square-foot office tower, nixing the planned hotel, Commercial Observer reported. Although the news comes amid a public kerfuffle between the billionaire and New York Mayor Zohran Mamdani, the Brickell supertall office expansion was planned prior to the spat.
In an April 15 video, Mamdani endorsed a proposed 5 percent pieds-à-terre tax, standing in front of 220 Central Park South, where Griffin bought a penthouse as a part-time residence for a record $238 million in 2019.
Citadel COO Gerald Beeson pushed back in a staff memo — reported by the Wall Street Journal — calling it “shameful” that Griffin was singled out “as the example of those who supposedly aren’t carrying their fair share of the burdens associated with New York City’s often costly and wasteful spending.”
Since Mamdani’s video, Griffin has hinted at walking away from the planned 62-story office project at 350 Park Avenue. The project would represent an investment of more than $6 billion, Beeson told employees.
By contrast, Miami’s business-friendly climate has resonated with the company.
“Miami is open for business, and the unparalleled quality of our development will drive the tenancy of leading global firms, including Citadel and Citadel Securities,” a Citadel spokesperson told CO.
Whether Citadel and Citadel Securities would take additional office space at the Brickell supertall is yet to be decided. The original plan was for the firms to take about 300,000 square feet to 400,000 square feet, with the balance of the space leased out.
The tower is planned for the 2.5-acre bayfront site at 1201 Brickell Bay Drive in Miami, which Griffin bought for $363 million in 2022, marking a record at the time. Site work has started, with Related Companies partnering with Griffin on the $1 billion project.
Until it’s completed, Citadel and Citadel Securities are leasing at OKO Group and Cain’s 830 Brickell. Griffin also owns the 28-story 1221 Brickell Avenue office building across the street from the headquarters supertall’s development site.
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