Ken Griffin’s Citadel HQ Delayed and $1.5B More Expensive Than Anticipated
Construction for the 1.7 million-square-foot high-rise is now expected to begin in the second half of next year
By Julia Echikson October 7, 2025 5:15 pm
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Billionaire Ken Griffin’s planned headquarters tower for his Citadel financial firms in Miami is already running into roadblocks, even as it comes in $1.5 billion more expensive than anticipated.
Construction for the waterfront 1.7 million-square-foot high-rise is now expected to begin in the second half of next year, Griffin divulged Monday at a Citadel Securities conference in New York. The mixed-use development was originally expected to break ground this year.
The cost has also ballooned to $2.5 billion, Bloomberg reported.
“I wish it were $1 billion,” Griffin said of the tower. “Due to inflation in the cost of construction, that’s going to be about a $2.5 billion tower.”
In 2022, Griffin relocated the global headquarters of the financial firms he founded, hedge fund Citadel and market maker Citadel Securities, from Chicago to Miami.
The billionaire, who remains the CEO and co-chief investment officer of Citadel, purchased a 2.5-acre parcel at 1250 Brickell Bay Drive for a record $363 million, where he plans to build the headquarters. The executive has tapped Related Companies to develop the 54-story building and Foster + Partners to design it.
Plans include a 212-room hotel, 23,600 square feet of retail space, and 1.3 million square feet of office space, some of which will be leased to companies other than Citadel and market maker Citadel Securities.
“If we build it, they will come,” Griffin said. “Miami has a huge deficit of Grade A office space.”
Griffin declined to comment on the financing of the development and whether other companies had already signed leases there.
In the meantime, Citadel employees are based out of 830 Brickell, where it’s leasing about 130,000 square feet, and at Southeast Financial Center.
In New York, Griffin is also planning to develop a tower for his businesses, partnering with Vornado Realty Trust and Rudin Management to build a 62-story building at 350 Park Avenue.
Julia Echikson can be reached at jechikson@commercialobserver.com.
