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Chicago Hedge Fund Citadel Establishes New Headquarters at 830 Brickell Tower

August 3, 2022 by Jacki Taylor

The Citadel Leases at 830 Brickell




Less than two months after announcing that he was relocating the Citadel hedge fund from Chicago to Miami and planning to establish a new headquarters, billionaire Ken Griffin signed a significant lease for the company's premises at 830 Brickell.





Citadel signed a long-term lease for about 95,000 square feet at the 55-story tower at 830 Brickell Plaza, according to people familiar with the arrangement. The skyscraper is being developed by Vlad Doronin's OKO Group and Cain International, and the asking rates there have reached $125 to $150 per square foot.





Two leases at $130 per square foot are being negotiated, according to a second source, and recent full-service leases have been completed at $110 to $120 per square foot, making the Citadel's deal ranging from $10.5 million to $11.4 million a year.





According to Justin Oates, SVP at Cain, OKO, and Cain anticipate finishing 830 Brickell within the next six months, with tenants moving in sometime next year.





Griffin revealed in June that Citadel and financial services company Citadel Securities would relocate their corporate headquarters from Chicago to Miami. The choice was made at a time when Miami has developed over the previous 15 months into a destination for the relocation and growth of out-of-state financial firms.





A 2.5-acre bayfront development site at 1201 Brickell Bay Drive has been purchased by Citadel, according to the information originally published by Bloomberg and confirmed by sources to TRD. In April, that transaction concluded for a record $363 million. Citadel may also be related to the $286.5 million acquisition in June of the 28-story office building at 1221 Brickell Avenue, which is across the street. The acquisitions have not been confirmed or disputed by Citadel.





Approximately 70% of the 640,000 square foot 830 Brickell building is already leased, a representative for the development team said.





Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.





Sidley Austin, a legal firm with offices in Chicago, acquired 60,000 square feet over three floors in July.





Canadian asset manager CI Financial doubled its original lease signed last year to about 40,000 square feet in January.





Between late last year and this summer, other large tenants included the IT behemoth Microsoft, the insurance and financial services company A-CAP, and Marsh, the insurance division of Marsh & McLennan Companies.


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