- Citadel and Ken Griffin are expanding their planned Miami HQ office space, removing the hotel component.
- The new office building at 1201 Brickell will span 1.7M SF, focusing solely on commercial tenants.
- Citadel may cancel its planned $6B New York office tower amid tensions over proposed NYC tax policy.
Miami HQ Refocused on Office
Ken Griffin’s Citadel is expanding its office footprint in Miami by transforming the planned 54-story tower at 1201 Brickell into a stand-alone office building, reports the Commercial Observer. That portion covered about 413,000 SF. However, developers have now removed the hotel from the project. They will instead build a pure office property totaling 1.7M SF.
Citadel Considers Larger Occupancy
The Miami HQ could now house both Citadel and Citadel Securities, with the companies possibly occupying the entire office portion. While no final decision has been made, earlier plans had Citadel leasing between 300,000 and 400,000 SF, with the balance available to other firms. Construction activity has started at the Brickell Bay Drive location, with Related Companies involved as development partner.
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Impact of New York Tensions
Citadel’s expansion plans come amid public tension with New York Mayor Zohran Mamdani, who announced a proposed 5% tax on pieds-à-terre and singled out Griffin’s luxury NYC residence as an example. As a result, the firm has already slowed progress on its planned 350 Park Avenue tower, reflecting growing uncertainty around large-scale office development in the city. In response, Citadel is now reconsidering its long-planned Manhattan tower at 350 Park Avenue, a $6B, 1.9M SF project. Griffin is expected to discuss the project’s future with state leaders this week.
Existing Miami Presence
Citadel already operates from several Miami locations. These include 830 Brickell, where it leases about 130,000 SF. The firm also uses 1221 Brickell Avenue, a 28-story tower owned by Griffin. The redesign at 1201 Brickell highlights Miami’s growing role as a finance hub. Major firms continue expanding their office footprints across the city.
