Citadel Eyes Massive Manhattan Lease as Ken Griffin Plans NYC Expansion
Citadel in Talks for Fifth Avenue Office Space Ahead of New Tower Construction
Ken Griffin’s Citadel is reportedly in negotiations to lease a substantial amount of office space on Manhattan’s Fifth Avenue, sources familiar with the matter revealed. The hedge fund giant is eyeing approximately 365,000 square feet at 660 Fifth Avenue, a recently renovated 39-story office tower.
This potential move comes as Citadel anticipates the construction of a new 62-story tower on Park Avenue, which may not be ready for occupancy until 2030. The firm announced plans in late 2022 to anchor this new skyscraper at 350 Park Avenue.
Currently, Citadel occupies space in the existing tower at 350 Park Avenue and a neighboring property. Additionally, Citadel and its sister company, Citadel Securities, have 440,000 square feet at 425 Park Avenue, a building completed in 2022.
The 660 Fifth Avenue property, owned by Brookfield Properties, underwent a $400 million renovation after being acquired from Kushner Companies in 2018. The extensive upgrades included a new facade, attracting high-profile tenants such as Macquarie Group, Viking Global, and 400 Capital Management.
If the deal proceeds, Citadel is expected to begin transitioning from 350 Park Avenue to 660 Fifth Avenue around the end of 2025. The construction of the new 350 Park Avenue tower is anticipated to take five or more years to complete.
Upon completion, Citadel and Citadel Securities plan to occupy a combined 850,000 square feet in the new tower, making it their largest office location. The remaining space in the tower will be available for lease to other tenants, with Citadel retaining expansion rights.
This potential lease at 660 Fifth Avenue would mark a significant development for the building, which has experienced a period of quiet leasing activity following Brookfield’s decision to raise rents after initial successes.
The move follows Citadel’s announcement in 2022 to relocate its headquarters from Chicago to Miami, signaling the firm’s strategic approach to office locations. It also comes amid other significant real estate transactions in Manhattan, including Blackstone’s recent renewal and expansion of its lease at 345 Park Avenue to 1 million square feet.
As of now, the deal remains in process and confidential, with no final agreement reached. Representatives for Citadel and Brookfield have not yet commented on the negotiations.
