Citadel Inks Deal for 504K SF at Brookfield’s 660 Fifth Avenue
By Isabelle Durso January 2, 2025 12:39 pm
reprints
Financial services firm Citadel is moving into offices at 660 Fifth Avenue as it waits for its new headquarters to be built at 350 Park Avenue.
Citadel, which manages capital for institutional investors and individuals, signed a lease for 504,000 square feet at the 39-floor Midtown office tower redeveloped by landlord Brookfield Properties, according to a quarterly office report from Colliers (CIGI).
The length of the lease and asking rent were unclear, but Colliers’ report found office rents in Midtown Manhattan averaged $77.89 per square foot during the fourth quarter of 2024.
It’s unclear who brokered the deal. Spokespeople for Citadel and Brookfield did not immediately respond to requests for comment.
Citadel has been in talks to lease space at 660 Fifth since the summer. The lease provides the firm space to wait out construction on the 62-story office tower it’s building with Vornado Realty Trust (VNO) and Rudin at 350 Park, where Citadel will eventually occupy about 850,000 square feet once the property is complete in 2032, Business Insider reported.
Citadel plans to relocate from the space it currently occupies at 350 Park to 660 Fifth in 2025, according to Business Insider.
The company and its affiliate, Citadel Securities, also have a 440,000-square-foot office nearby at L&L Holding Company’s 425 Park Avenue, as Commercial Observer previously reported.
Brookfield bought the Midtown building from Kushner Companies in 2018 — when it had an address of 666 Fifth Avenue — for $1.3 billion, allowing Kushner to pay down its $1.1 billion debt at the property and buy out co-owner Vornado, CO reported.
Brookfield then began a $400 million redevelopment project at the 1.4 million-square-foot building to add new mechanical systems, a new lobby and new floor-to-ceiling window panels.
Since completing its redevelopment, Brookfield has sealed deals with several new tenants at the building between West 52nd and West 53rd streets, including financial services firm Macquarie Group and asset manager 400 Capital Management.
Isabelle Durso can be reached at idurso@commercialobserver.com.
