Ken Griffin is betting big on Miami

psquire@insider.com (Paul Squire)

20 June 2024 at 4:07 pm·2-min read

Ken Griffin speaks during the SEO Scholars Miami Launch Party at Klaw Miami on April 25, 2024 in Miami, Florida. — Ken Griffin is reportedly adding more floors to Citadel's new Florida office.Alexander Tamargo

Billionaire Ken Griffin is doubling down on Miami.
The Citadel boss is expanding its new office in the city's financial district, CoStar News reported.
He's pumped millions of dollars into Florida since moving his company there from Chicago in 2022.

Ken Griffin is in a Florida state of mind.

The billionaire boss of Citadel is adding two more floors to the firm's planned office at a new 55-story tower in Miami, as first reported by Bloomberg.

The new Citadel office at 830 Brickell in the middle of Miami's financial district will now feature eight floors, Bloomberg reported.

A Citadel spokesperson confirmed the expansion to Business Insider.

The new tower, which was designed by the firm Adrian Smith + Gordon Gill Architecture, will feature panoramic views of Miami, a luxury rooftop restaurant, and a fitness center, according to developers OKO Group.

CoStar News reported that the tower's rent is upward of $100 per square foot.

Griffin stunned the financial world in 2022 when he announced he was moving Citadel from Chicago to Florida. He blamed Chicago's crime rate at the time for the megafirm's shift.

Griffin said in November that Miami could one day overtake New York as the premier financial hub in the United States.

"Miami, I think, represents the future of America," he said, praising the state's pro-business stances. Florida taxes are much lower than those in New York or Chicago.

Earlier this year, Citadel employees told BI that the city's ample sunshine and less-stressful vibe made Miami a welcome change of pace.

Since moving the firm, Griffin has pumped millions into South Florida through donations to local programs.

Last September, he announced Griffin Catalyst, a Miami civic-engagement initiative building on his prior philanthropic work. Griffin Catalyst focuses on issues like charter-school expansion, free-speech initiatives, science and medical research, and the promotion of "the American dream" and economic mobility.

Griffin has also donated to local hospitals and groups, including a $50 million donation to cancer research for the Sylvester Comprehensive Cancer Center at the University of Miami Miller School of Medicine and $9 million for the area's public schools to expand tutoring programs.

In total, the hedge fund manager has donated more than $300 million to South Florida causes, the South Florida Business Journal reported.

Read the original article on Business Insider

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