Citadel Is Anchor Tenant For Record Manhattan Office Tower

Citadel Is Anchor Tenant For Record Manhattan Office Tower

Billionaire hedge fund manager Ken Griffin is really moving up in the world these days, literally as well as figuratively. Griffin’s Citadel announced earlier this week that the ultra-successful hedge fund firm was leasing out 200,000 square feet (including the penthouse) of a new luxury office building in Manhattan.

The new luxury office tower will be located at 425 Park Avenue in Manhattan. The building will take up the entire block between East 55th and East 56th Streets and will top out at around 900 feet. Take a deep breath — Citadel has agreed to pay a record $300 per square foot in rent, in a lease deal that includes the buildings ultra-lux penthouse.

This move to a new headquarters in downtown Manhattan, into perhaps the most luxurious office building in the world, will certainly help Griffin and Citadel hold on to their “Great!” rating among financial services workplaces from Peoples Picks for 2015.

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Statement from Manhattan property developer

“This is the highest standard of building in the 21st century on the grand boulevard of America,” commented David Levinson, chairman and chief exec of property developer L&L Holding Co. “It’s blue on the Monopoly board. No one has created something like this.”

More on Citadel’s new Manhattan office digs

The new Citadel headquarters lease deal surpasses the previous per-square footage rental in Manhattan by close to 50%, according to Crain’s. The only other rentals that topped $200 per square foot are 9 West 57th St., the General Motors Building and 667 Madison Ave.

Citadel can certainly afford to pay the pricey rent. The hedge fund firm currently has $26 billion in AUM, and founder Ken Griffin was called the new “king of hedge funds” by CNBC earlier this summer.

According to media sources, the new luxury office development includes an open restaurant near the top of the tower, which will be operated by Daniel Humm and Will Guidara of 11 Madison Park and Nomad. Luxury perks at the building are rumored to include a relaxation lounge for tenant chauffeurs, mediation rooms and a variety of fresh-pressed juices will be offered every day.

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