Citadel halts Manhattan expansion plans while actively recruiting talent

Citadel’s pursuit of an additional 400,000 square feet of Manhattan space at 280 Park Avenue has encountered a temporary setback.

In June, Crain’s reported that Ken Griffin’s hedge fund was in negotiations with landlords SL Green and Vornado for the expansion space. The 1.27 million square-foot tower is nearly fully leased, but a few large leases are set to expire at the end of the year.

However, sources now reveal that talks between Citadel and the landlords are on hold, although the reason is unclear.

Despite misconceptions that Citadel was abandoning New York for Miami (where it relocated its headquarters from Chicago), the company has been actively hiring employees in the city.

Ken Griffin has kept some Manhattan landlords on pins and needles over his real estate strategy.

Griffin has caused significant anticipation among Manhattan landlords with his real estate tactics. He previously engaged in talks last year about securing 200,000 square feet at Olayan America’s 550 Madison Ave., but a deal was not reached.

Citadel has plans to relocate many employees from 520 Madison Ave. to 425 Park Ave. and other locations later this year. Additionally, the company is collaborating with Vornado on a new skyscraper at 350 Park Ave.

A source emphasizes that the potential lease at 280 Park Ave. is neither confirmed nor terminated.


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