Ken Griffin is partnering with Related Cos. to help develop the massive new Miami headquarters to house his Citadel businesses.
Related, known for its work on developments such as Hudson Yards, is being brought onto a project to build a 54-story tower along Miami’s waterfront at 1201 Brickell Bay Drive.
“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,” a Citadel spokesperson said in an emailed statement.
In 2022, Griffin said he would relocate his businesses to Miami from his longtime home in Chicago. As part of the move, Griffin and his firm started laying the groundwork to build a major Miami office tower in the Brickell neighborhood that totals 1.7 million square feet. Both Citadel and Citadel Securities will have their headquarters at the new Miami building.
Griffin had initially teamed up with Sterling Bay for the tower, but cut ties in 2023.
According to plans filed last year, the building will also include a hotel on the upper floors, a public pedestrian path along the water and retail and waterfront restaurant space. Foster + Partners will design the building.
“Miami is a world class and global city deserving of the world-class tower that Ken Griffin has planned for Citadel’s headquarters,” said Bruce Beal, Related’s president. “Our team has deep experience building class AAA office at this scale, with unrivaled attention to detail, and we’re delighted to integrate our team of experts with Citadel to execute such an exciting project.”
Griffin, who has a net worth estimated at nearly $42 billion according to the Bloomberg Billionaires Index, has been building his home base in South Florida as part of the move. He’s snapped up properties in the region and donated money to multiple local charities, while hundreds of Citadel employees have relocated to Miami.
The developer he’s now partnering with for the Miami tower, Related Cos., is separate from Related Ross, the newly-formed firm based in West Palm Beach and built by Related Cos.’s chairman and founder Stephen Ross.
Griffin is also forging ahead on a new tower in Manhattan along Park Avenue. Last year, the billionaire and developers Vornado Realty Trust and Rudin filed plans for the skyscraper at 350 Park Ave.
