Ken Griffin’s Citadel Moving HQ To Miami, Will Co-Develop Office Tower

Billionaire Ken Griffin has announced plans to move his company Citadel to Miami, and will develop a new headquarters office tower in Brickell, according to Bloomberg and the WSJ.

Both the Citadel hedge fund and market-making firm Citadel Securities will be relocated to Miami.

The new office tower will be designed in partnership with Chicago developer Sterling Bay, and will located “on Brickell Bay.”

One possible location: 1201 Brickell Bay Drive. The site is the only vacant property on the bay in Brickell, and recently sold to an unidentified LLC with a Chicago address for a record-shattering $363 million.

1201 Brickell Bay Drive has approved plans for a supertall designed by Norman Foster.

Construction of the new HQ will be a multi-year process, the report said, but many Citadel employees have already moved to Miami, including Griffin himself.

There will already be several hundred Citadel employees in Miami by next year, according to the report. Some are already working out of offices in the Southeast Financial Center.

Citadel employees have been asking to relocate from Chicago to Miami and New York, Griffin wrote in a letter to employees.  Citadel has about 1,000 employees in Chicago, and thousands worldwide.

“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,” Griffin wrote.

Griffin’s donations to educational, cultural, medical and civic organizations in the Chicago area total over $600 million, according to a spokesperson, including a $125 million gift to the Museum of Science & Industry.

His company and its employees have also been significant contributors to the tax base in Chicago and Illinois.

Griffin has previously criticized the high crime rate in Chicago.

 

 

The most recent renderings for 1201 Brickell from architect of record ODP:

 

 

 

 

 

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Bazongas
6 days ago

Mayor Suarez is gonna get his meat wet tonight.

Anonymous
6 days ago

This is the funniest comment i have ever seen here

Market Urbanist
5 days ago

Cringe.

Anonymous
2 days ago

But he’s a bottom

Anonymous
6 days ago

Brickell is exploding

Anonymous
6 days ago

Everyone’s been waiting for a major company or hedge fund to announce their relocating to Miami. Well, this is it and it’s a big one. Wow!

Do the work
5 days ago

Everyone has?
A lot of people who know Miami already know that this is just another one to add to the long list including Thoma Bravo, Icahn Enterprises, Blackrock, Starwood, Elliott Capital, etc. etc. etc.

Anonymous
5 days ago

Please
Don’t forget Navarro y Sedano

s37
5 days ago

blackrock? you mean the back office phone hotline? Elliott is in WPB…

Lenny
4 days ago

No the 200 jobs are in their tech and innovation group.

Checo
2 days ago

“London-based Genesis Global Fintech said it would create and retain 140 jobs in finance, marketing, sales, operations and management.

The company… said the new jobs would pay an average of $144,666 a year. Genesis Global also said it will make a $2.39 million investment in the Brickell-Downtown area, and will lease 18,000 square feet of offices in the DDA’s district”

If you are not reading the South Florida Business Journal, you are missing the myriad of new to market announcements. Major companies are relocating often.

Anonymous
1 day ago

Theresa whole difference between relocating your headquarters and opening up a Miami office

Anonymous
6 days ago

What a vote of confidence for the Magic City!

Jesus
6 days ago

Thank you New York for making Miami an attractive place!

Jesus
6 days ago

Chicago! Not New York! 😅 Keep voting for Lori over there! Haha

Do the work
5 days ago

https://heyjackass.com/ : Illustrating Chicago Values

Is a morbidly funny website with detailed stats.
If you love Infographics, take a few hours with the this website.

In Chicago, a person is shot every 2 hours and 47 minutes.
Even with some of the toughest gun control laws in the USA, this Father’s Day weekend saw 5 shot and killed and 47 wounded from gunshots.

Chicago ain’t what it used to be.

Paranoid Android
5 days ago

That’s a shame. They ought to clean Chicago up like they did to NYC and Washington, DC. Oh wait, those cities still have very high crime rates.

Anonymous
5 days ago

The crime rates in Chicago, Washington DC, and New York City, all still have nothing on Russia’s criminal war in Ukraine

bob
1 day ago

Have an ice cream cone joe and take a nap.

Anonymous
6 days ago

Thank you Chicago, New York f or making Florida blue we ithout the taxes.

Anonymous
6 days ago

Correction….for without…typo

Anonymous
5 days ago

We need libertarians to move here not destructive progressives

Anonymous
5 days ago

^
I know.. dang it, those progressive hooligans destroying the nation’s Capitol Building and threatening the vice president… they’re nothing but a bunch of loonies!

lol…

Anonymous
5 days ago

By your definition, I guess we all “destroy buildings” every day when we walk into one with open doors. Meanwhile all the buildings and local businesses being burned down for two years were simply being renovated.

Anonymous
5 days ago

^
Uh yeah, sure.. an auto parts store is the same as this nation’s seat of government.

gotcha**

Anonymous
5 days ago

Oh yeah, and what about those hooligan “peaceful protesters” at SCOTUS Justice residences, including one who plotted to wack one over a certain, overdone, and single issue maybe overturned simply back to the states?

Anonymous
5 days ago

^
Did he or she, carry a hangman’s noose?

Anonymous
5 days ago

Oh please. Anyone other than a college student identifying as a libertarian should not be taken even remotely serious.

Anonymous
5 days ago

^
Libertarians are people who don’t take a side because it’s more convenient to let others do the heavy lifting.

Checo
2 days ago

You are confusing Libertarian with Independent.

Libertarians have an extraordinary amount of conviction and every single one that I know has a position on issues, and can articulate the thoughts, ideas, logic, to defend the reasons for their thinking.

Independents don’t really believe in anything except for being liked and not rocking any boats.
Being required to read any thoughtful literature on philosophy, political issues, or world history would be painful for an Independent.

Anonymous
1 day ago

This is such a shit take that you would expect and is essentially the reason we’re all screwed. You box thinkers are all alike, thinking everything is binary and your principals are universal. We could only be so lucky to have more independents. Kool-aid is all the same, regardless of the flavor.

alcools
5 days ago

this is true….

Anonymous
6 days ago

They are moving away from blue states. What does that tell you Sherlock

Anonymous
6 days ago

Yeah, after the last administration lowered the amount of money those blue staters received on their property taxes, states like Florida became very attractive.

You really need to do some researching.

Anonymous ;-)
5 days ago

Like Afghanistan “on a good day” was Ken Griffin’s comments about Chicago crime. He’s upsizing in NYC as well, but Chicago is out of control. This wasn’t about taxes, though that certainly helps. It’s about general governance. Illinois is now in emerging markets territory.

Checo
2 days ago

This weekend, a 5 month old child was shot and killed in Chicago when gunman opened fire on the vehicle.

Do the work
5 days ago

Ummm….
” lowered the amount of money those blue staters received on their property taxes”

The Federal Government has very little (almost nothing) to do PROPERTY Taxes.

In trying to decipher what you are trying to say, and you are probably referring to the SALT Deduction limits on INCOME taxes to the Federal Gov’t.

Oversimplification (but should explain it)
If a Miami girl makes $100,000 has an effective rate of 25% on income tax, she sent $25,000 in taxes to Feds. There is NO city tax, and NO State Tax.

If her twin sister makes $100,000 in NYC with an effective tax rate of 25% on income tax. She sends about 3.5% CITY tax to NYC, and about 6% to the STATE. Call it 10% in State And Local Taxes (SALT) for simplicity.
The New Yorker sends $10,000 to the City and State, and used to get a credit for that before the Tax and Jobs Reform Act of 2017.

In other words:
The Miami girl sends $25,000 to the Feds.
The NY girl send $15,000 to the Feds.

Sooooooo…..the whiner/loser Politicians who shout about “Paying your fair share in taxes” get what they were whining for with the 2017 act.

The original version of the act would have the Miami person paying EXACTLY the same share to the FEDERAL Gov’t as the New York City person.

Anonymous
5 days ago

^
Look, the 2017 tax reform caps homeowners’ deductions on state and local taxes to $10,000 a year. Florida has no state tax.

“The reduction in home values caused by the 2017 tax law that capped federal deductions for state and local real estate and income taxes at $10,000 a year and also eliminated some mortgage interest deductions.” – PROPUBLICA

Proportionally, blue states were hurt more by that tax law.

Checo
2 days ago

Wrong.
It is does not matter materially if you are homeowner or a renter, or live with your parents for free.

SALT deductions has to do with INCOME TAX. Propublica doesn’t have it right.

SALT isn’t about Sales Tax, isn’t about Property Tax, or Employment Tax, or any of the multiply taxes that producers pay.

Renters are NOW limited to deducting CITY and STATE INCOME tax deductions to $10,000. (If you sincerely believe in this “fair share” thing….they should not be able to deduct a dime. Florida taxpayers are paying more to the FEDERAL Govt ceteris paribus, than the high State/City Tax jurisdictions.

Ann
5 days ago

And the great weather we have puts Florida over the top. You can keep your snow and cold

Do the work
5 days ago

A simple Google search will show you that Billionaire Ken Griffin supports good government, charity, business, Capitalism, and Republican politicians.

Florida isn’t turning blue.

Anonymous
5 days ago

The exodus population is Republican two-to-one, most being upper-middle class anyway. Even then, the gubernatorial election is New Jersey last year was close, and New York’s is expected this November, too. Also, loony-toon DAs who legalized Ⓐnarchy are being recalled.

Anonymous
5 days ago

^
Yes, because those tax revisions where enacted so uber rich people like him could get the maximum benefits from it.

Alcoholiotic
5 days ago

“Florida isn’t turning blue”

Yeah, and that’s real sad for now. I mean, I see people in red states doing shit like driving their cars into a crowd of peaceful protestors! smdh…

Anonymous
5 days ago

The 2020 election results compared to 2016 prove otherwise, yet makes you wonder, if Florida became more red and North Carolina and Ohio did as well… what’s up with swing states with blue districts counting ballots days later?

John
5 days ago

Florida is Red baby and it will continue to stay red as long as of these big companies keep moving here. Dead cities like Chicago, NYC, LA are only for communist and handouts to criminals

Anonymous
5 days ago

NYC, Chicago, and Los Angeles were the first cities for development. The state of Florida is a “Johnny come lately.”

Anonymous
4 days ago

The cities you mentioned weren’t always far out left wing, either. Especially when they were experiencing their biggest growth periods.

Checo
2 days ago

Detroit was the wealthiest city in the world in 1950’s.
The last time that they had a Republican Mayor was 1962.
Not one single GOP mayor in over 60 years.

(Spoiler alert: Detroit isn’t the wealthiest city in the world anymore)

MINDSET
1 day ago

Can anyone ever claim that Miami was the “wealthiest city in the world?”

Anonymous
4 days ago

Agreed, us New Yorkers moving here has been improving downtown and Brickell big time. Before we came down here the local idiots were allowing this great downtown to languish with no progress, notice the big difference over the past 2-3 years

The Lefty Anarchist
4 days ago

What a crock of chit man! Still hanging on to the old are ya? You will be fine here man, just change that backward accent, and don’t tell anyone where your from.

Checo
2 days ago

I love New York.
But the names that you see on the Performing Arts Centers, parks, Museums, and schools, are not from New York.

Mary Brickell, Julia Tuttle, Carl Fischer, are all from the Mid-west. George Merrick is from Pennsylvania.

Swire developed Brickell Key, the Brickell Citicenter, etc. Terra Group isn’t from NY. All I can think of off the top of my head is Extell Development from NY whose delivered any resi in Brickell at all.

Hats off to Michael Stern, and the recent wave of NY’s to make a big splash. Bienvenidos!

Anonymous
6 days ago

Nice! Fingers crossed he’ll buy the 4 ambassadors and redevelop them.

Anonymous
6 days ago

Yes please! The 4 Embarrassments need to go asap!

Anonymous
5 days ago

For years the Four Ambassadors carried and were the pride of that area of Miami, and that was before they started calling this area, Brickell. Now we see all these shiny pretty new girls in Brickell, and that girl we were dancing with at the ball is not worthy of any respect anymore and has got to go because she’s now looked as unworthy, ugly, g h e t t o, an embarrassment, etc etc etc. But keep holding your head up Four Ambassadors because I remember you for what you were and I’ll always remember that.

Anonymous
4 days ago

Gross. Have you been inside? It’s like an old insane asylum.

Anonymous
4 days ago

Have you been inside some of those old mansions some people on here seem to love that were torn down?.. they looked like a haunted house inside.

EBITDA
6 days ago

Never gonna happen. Buyouts are hard enough, but to get 600+ owners to agree to sell at a $700-1B price tag just for the dirt is wishful thinking

Anonymous
6 days ago

What a shame. Those owners don’t deserve that prime piece of land.

Anonymous
5 days ago

Request a re-certification inspection to scare everybody.

Anonymous
6 days ago

Miami could use 9-digit donations to our educational, cultural, medical and civic organizations too so this sounds like a deal I can get on board with. I hope Ken Griffin knows how badly Miami residents, including Citadel workers, need quality parks, transit, and housing.

Anonymous ;-)
5 days ago

Exactly right. Philanthropy is set for a massive boost here in Miami.

Robbie
6 days ago

This HQ relocation is bigger than any skyscraper.

MiamiRob
5 days ago

This is Huge News!

Anonymous
6 days ago

Miami is growing so fast, I can’t wait to relocate!

Anonymous
6 days ago

Are you moving in or out of Miami?

Anonymous
5 days ago

Nah, we’re full. Especially if you’re a blue voter.

Anonymous
5 days ago

shut up, boomer

Anonymous
5 days ago

Shut up, millennial with a useless college degree.

Your Friendly Neighborhood Yuppie
5 days ago

Come on down! We have room for everyone here. The more the merrier!

Anonymous
5 days ago

“We” says man who moved here last year.

Your Friendly Neighborhood Yuppie
5 days ago

Been here more than a decade but even if I was new, I would have the same right to express my opinion as a native. If you don’t like living in a growing city, I would invite you to find somewhere else to call home. There are plenty of places with decreasing populations to choose from.

Brickell bob
5 days ago

Ken griffin made a donation for the Underline, looks like it is being put to good use

Mark
4 days ago

But where will the employees of Citadel be able to afford to live and where will they send their children to school?? I love Miami, but Miami cannot be a truly world-class city without world-class infrastructure.

The Lefty Anarchist
4 days ago

Ok, we’ll tell them. Thanks

white flight
4 days ago

somehow the playas that comment here seem to let their beguilement with tall,shiny apartment building over shadow the reality of a thriving and healthy urban economy…..

Checo
1 day ago

Assuming the average salary at the Citadel Hedge fund and Securities is $150,000 (which would be in line with the last dozen new to market relocations of similar companies) and single person could afford $4,125 a month in rent.
There are plenty of one-bedroom apartments for that price.

With a spouse, a roommate or a domestic partner, they can afford $8,250 per month in housing expense.
There are plenty of 2 and 3 bedroom apartments at that price.

Anonymous
6 days ago

This is amazing news!! More jobs/people in Brickell mean more services, restaurants, etc and rising home values for property owners. Miami is unstoppable!

anon alcohol
3 days ago

oh you mean those services and restaurant jobs that dont pay enough to live in all the apartments everybody gushes about here on the next miami…get real miami has a long way to go to be a first class city-infrastructure,schools,mass transit, a better more well rounded economy etc…

Anonymous
2 days ago

Yet every restaurant/service I see in the area is staffed every time I visit. Contrast that to many flyover states where every single restaurant is short-staffed.

Checo
1 day ago

The people with writing skills and that ability to articulate cohesive thoughts get paid a lot of money each year.
Even the waiters and waitresses with skill enough to work at Sexyfish or Cipriani are making $125,000 per year.

Individuals have to very good at what they do to get paid. Average and below average does not earn anyone a Brickell apartment.

Antennae
5 days ago

Thanks be to God they re not going to Doral

MiamiRob
5 days ago

Bite your tongue!

Anonymous
5 days ago

Fingers crossed for a massive, sculpted, and curving office tower over two boxes.

Calivalle
5 days ago

Awesome vibes congratulations Miami…😎😎🌴🌴🌴

Long MIA
6 days ago

Happy to see more projects from Stirling Bay. They do amazing work in Chicago.

Anon
5 days ago

Winning

Anonymous
5 days ago

Brickell Winning.

anon alcohol
3 days ago

but how much will the flood insurance cost???

Checo
1 day ago

Well less than 2% of the operating budget.

Anonymous
5 days ago

Hopefully they will build something worthy of the location

alcools
5 days ago

the amount of employees here will fill one of those kushner towers being built at biscayne and 18th…..how many units are available in all the articles posted here???

Anon
6 days ago

Bonkers

Anonymous
5 days ago

Wellllllll…..it sounds promising, but… I just have a really hard time placing very much faith in tech multibillionaire types. They can be pretty fickle. Remember, as recently as 2019, Griffin was declaring in a speech his undying love and devotion to Chicago and keeping Citadel there. Even if this does come to fruition, time will tell if he’s as generous with Miami as Chicago. It would be very disappointing if he were promised lots of goodies on the taxpayers dime, only to end up giving Miami the shaft.

s37
5 days ago

amazing what DeSantis did for Miami and the state in general…

chancleta
3 days ago

thank the stupid 2017 tax cut…nothing that desantis did or tried to do….read a newspaper meng…

Checo
1 day ago

DeSantis made a concerted effort to protect the elderly FIRST during the pandemic, whereas other states were prioritizing ” historically underserved” groups.

DeSantis made it clear in his words, deeds, and funding priorities to support law and order when other states were “defunding the police” and letting rioters run rampant.

You can try to make the argument that science doesn’t matter, and that people do not care about having their lives and property protected, but you cannot say that DeSantis did nothing. It was glaringly clear that there is a difference in leadership priorities between DeSantis and all but a few other Governors.

Anonymous
6 days ago

It looks like the Foster Towers are dead!

Antennae
6 days ago

Been dead for years

Anonymous
6 days ago

yep…

anonymous
6 days ago

Guess it’s not going to Terminal Island, as was rumored, across from his new homes on Star Island.

Can’t blame them, who would want to work on that terrible piece of property so far removed from the amenities of South Beach?

Anonymous
6 days ago

Yeah, because he wants everybody to know, it takes a jet airline plane at least twelve hours of flying to get to South Beach from Star Island.

lol…

Daddy Love
5 days ago

big and beautiful… just like i like my women….

Antennae
5 days ago

What a disappointment. I thought you were talking about something else

Paranoid Android
5 days ago

This is great news. But why such a big ugly tower? It should look more like the One Brickell Center.

Anonymous
5 days ago

What tower?

Anonymous
4 days ago

Those renderings are from the previous project on the speculated site, this project has no announced address or renderings.

Anonymous
4 days ago

I know.. that’s why I asked the question, “What tower?”