Renderings via Foster + Partners
Billionaire hedge fund manager Ken Griffin is making headlines in Miami's Brickell neighborhood with ambitious plans to erect a new supertall tower at 1201 Brickell Bay Drive. This towering 1,032-foot, 54-story skyscraper will be a mixed-use development, boasting 1.3 million square feet of office space, a 212-room rooftop hotel, upscale dining options, a health spa, fitness center, and more.
Designed by the renowned architectural firm Foster + Partners, this 1.7 million square foot behemoth will serve as the global headquarters for Griffin’s Citadel and Citadel Securities. Construction of this $1 billion-plus project is slated to begin in the third quarter of 2025. Future phases are planned to add more office space, residential units, and parking facilities across the street.
Citadel’s move to Miami from Chicago was marked by a significant real estate acquisition. In April 2022, Citadel was revealed as the buyer of the 1201 Brickell Bay Drive site after Tibor Hollo’s Florida East Coast Realty sold the 2.5-acre lot in a $363 million transaction. In the same month, Griffin expanded his holdings by acquiring the adjacent properties at 1250 and 1260 Brickell Bay Drive for $20 million. These lots, totaling approximately 6,655 square feet, sit next to 1221 Brickell Avenue, another Griffin-linked acquisition in June 2022 for $286.5 million. Altogether, Griffin's assemblage spans from 1221 Brickell Avenue to 1260 Brickell Bay Drive, representing a significant real estate footprint with a valuation of $145 million per acre and $3,340 per square foot of dirt value.
With an estimated net worth of around $31 billion, Ken Griffin has become one of the world’s most prominent luxury real estate buyers. His influence is also felt in Miami’s exclusive Star Island, where he has spent $170 million over several years assembling multiple properties. Notably, he set a Miami-Dade County record with the $75 million purchase of 8 Star Island Drive, a teardown property on 1.8 acres. His acquisitions also include 10 Star Island for $25 million, 11 and 12 Star Island in an off-market deal for roughly $37 million, and 13 Star Island for $32.5 million. Griffin further solidified his presence in Miami with the record-setting purchase of the Adrienne Arsht compound, a four-acre waterfront estate, for a staggering $106,875,000.
