Ken Griffin’s Citadel Submits Plans for 54-Story Headquarters in Miami that Will Cost Over $1 Billion

Florida’s commercial real estate market is sizzling, with major developments reshaping the landscape. Citadel, the powerhouse hedge fund, recently submitted plans for a luxurious 54-story headquarters in Miami. This move follows Citadel founder Ken Griffin’s relocation of the firm from Chicago to Miami two years ago. The proposed 1.7 million square foot skyscraper, anticipated to cost over $1 billion, is set to break ground next year and is part of a broader trend of businesses flocking to Florida despite rising sea levels threatening some areas.

In Miami, Citadel will join a host of major companies already rooted in the city, including prominent cruise lines. Royal Caribbean started construction on its $300 million Miami headquarters in 2019, while Carnival has listed its Doral headquarters, valued at $66 million, for sale but plans to remain in the area with a smaller footprint.

Miami’s tech scene is also expanding, bolstered by the thriving crypto sector, a tech-friendly mayor, and a workforce inclined towards remote jobs. While the hype has somewhat cooled since the pandemic, the city still boasts a strong tech presence. Microsoft opened its Latin America headquarters near Citadel’s future site in 2021, Apple set up a new office in Coral Gables earlier this year, and Amazon is also eyeing a lease in the area.

Further north in Boca Raton, CP Group and partners acquired the iconic wooded campus that once hosted IBM for $179 million. The site, known for its role in developing early smartphones and personal computers, was 90% leased by last fall.

Beyond Miami and Boca Raton, Florida’s commercial real estate market continues to flourish. In Lakeland, Publix is expanding its headquarters with a $65 million investment announced in 2019. Meanwhile, Spirit Airlines opened a new headquarters in Dania Beach, near Fort Lauderdale, in April, having committed $250 million to the project.

Tampa also has its share of noteworthy real estate, with Truist Place, formerly the SunTrust Financial Centre, once named by Architectural Digest as one of the top ten most expensive buildings in the United States.

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