Citadel Plans Expansion in NYC with Tower Construction Following Record Year

Ken Griffin's Citadel, which had a very successful year, is planning to build a huge new tower in Manhattan. This will give his financial empire a strong presence in New York, right alongside some of the biggest firms on Wall Street.

Citadel is planning to build a skyscraper that could rise to around 1,350 feet (411 meters), with 51 office floors and seven terraces. The tower is expected to be completed in 2032.

The proposed tower would be one of the tallest buildings in the city, on par with JPMorgan Chase & Co.'s new headquarters in Midtown that is under construction, as well as One Vanderbilt, a skyscraper near Grand Central Terminal. This latest potential addition to the skyline is a sign that, despite the challenges posed by Covid, finance firms are still committed to the city.

The spokesman for the Citadel declined to give a comment.

Citadel has had a number of record-breaking years in terms of profits, which has allowed for expansion. Last year, Citadel Securities (the market-making arm of the company) brought in $7.5 billion. The flagship hedge fund also saw a 38% increase in value. This has all contributed to Griffin's personal wealth, which is estimated at $29.1 billion according to the Bloomberg Billionaires Index.

Last month, Citadel confirmed plans to construct a new tower at 350 Park Ave. The new building will be 1.7 million square feet (158,000 square meters), and will replace three existing properties in the area. Citadel has been working with developers Vornado Realty Trust and Rudin Management Co. on this project.

The goal is to bring the growing workforce for Citadel and Citadel Securities together in one location. Currently, Griffin’s empire in New York is spread out across several locations, including the new tower at 425 Park Ave. and 350 Park Ave.

"We want to create exceptional work environments around the world that provide an unparalleled experience for our team members, reflecting the commitment they make to us," Griffin has previously said about the firm's real estate footprint.

New York is one of the most popular locations for businesses. Last year, Griffin said he would relocate the companies’ headquarters to Miami from Chicago.

He’s planning to build a $1 billion office tower in Miami’s Brickell neighborhood with the help of Sterling Bay. The tower could have a marina and helipad.