Ken Griffin Taps Related Companies to Build Citadel HQ in Miami
The 54-story tower will be a rare development outing for New York-based Related in Miami proper
By Julia Echikson January 27, 2025 12:54 pm
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Billionaire Ken Griffin has tapped Related Companies to develop the global headquarters of his financial firms, hedge fund Citadel and market maker Citadel Securities, in Miami’s Brickell district, Bloomberg reported.
Griffin plans to build a 54-story high-rise at 1201 Brickell Bay Drive that would feature 1.3 million square feet of office space, a 212-room hotel and 23,600 square feet of retail space, all designed by Norman Foster’s Foster + Partners. Related will serve as a development partner, a spokesperson for the company told Commercial Observer.
“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,” added a Citadel representative in a statement.
Griffin purchased the 2.5-acre waterfront site for a record $363 million in 2022, just as he was relocating the global headquarters of his financial firms from Chicago to Miami. The financier, who’s worth an estimated $44 billion, had originally selected Chicago-based developer Sterling Bay but parted ways in 2023.
Until the new headquarters is built, Citadel and Citadel Securities are based at 830 Brickell, Miami’s trophy office building, which was completed this year and where the finance companies signed an eight-floor lease.
The Citadel project is a return to form in Miami for Related Companies, which is known for having developed Hudson Yards in New York. In 2022, the New York-based developer partnered with Swire Properties to build an 80-story office building, also in Brickell. But the project has stalled after failing to secure an anchor tenant, with vertical construction yet to begin.
Julia Echikson can be reached at jechikson@commercialobserver.com.
