Ken Griffin

Billionaire Ken Griffin is remaking not one, but two American downtowns — and, in the process, keeping high-profile developers employed.

In New York, the financier has partnered with Vornado Realty Trust and Rudin to develop a 62-story office tower at 350 Park Avenue. His two companies, hedge fund Citadel and market maker Citadel Securities, will anchor the 1.8 million-square-foot property, occupying 850,000 square feet. The 1,600-foot-tall skyscraper marks a big bet on Midtown Manhattan while the office market continues to recover from the depths of the pandemic. 

Griffin is applying the same formula to Miami, where he’s in the early stages of developing a 54-story tower for the global headquarters of his two companies. The billionaire is sparing no expense. He bought the 2.5-acre waterfront site in the Brickell district for a (then) record $363 million and earlier this year tapped Related Companies (another Power 100 honoree) as developer. World-renowned architect Norman Foster is designing it. 

Griffin could be expanding his commercial real estate pursuits, too. Across the street from the Miami development site, Griffin also owns a 26-story office building, which he bought for $287 million in 2022. Next door, a mysterious, deep-pocketed buyer has been snapping up units at a condo building. While representatives for Citadel have declined to comment on the deals, a buyout would grant Griffin full control of the block, possibly setting the stage for another development. 

On the residential side, Griffin continues to be one of the most prolific buyers. His $238 million acquisition of a quadruplex at Vornado’s 220 Central Park South in 2019 remains the nation’s most expensive residential home purchase. This year, he added to his portfolio by paying $45 million for a unit at the famed 740 Park Avenue.