Billionaire Ken Griffin has announced plans to move his company Citadel to Miami, and will develop a new headquarter office tower in Brickell.
Both the Citadel hedge fund and market-making firm Citadel Securities will be relocated to Miami.
The new office tower will be in partnership with Chicago developer Sterling Bay, and will be located “on Brickell Bay.”
One possible location could be, 1201 Brickell Bay Dr. The site is the only vacant property on the Bay in Brickell, and recently was sold to an unidentified LLC with Chicago address for a record-shattering $363 million. The site has approved plans for a supertall tower designed by Norman Foster.
Construction for the new headquarter will be a multi-year process, the report said, but many Citadel employees have already moved to Miami, including Griffin himself.
There will already be several Citadel employees by next year, according to the report. Some are already working out of offices in the Southeast Financial Center.
Citadel employees have been asking to relocate from Chicago to Miami and New York, Griffin wrote in a letter to the employees. Citadel has about 1,000 employees in Chicago, and thousands worldwide.
“I’m excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy.” Griffin wrote.
Griffin’s donations to educational, cultural, medical and civic organizations in the Chicago area, a total over $600 million. His company and its employees have also been a significant contribution to the tax base in Chicago and Illinois.