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830 Brickell Plaza

Ken Griffin's Citadel Expands To 130,000 SF Office In Miami Deal
LEASEDOffice

Ken Griffin's Citadel Expands To 130,000 SF Office In Miami Deal

830 Brickell Plaza

Building Size

130,000 SF

Asset Type

Office

Closing

Jun 13, 2024

AI

The office property located at 830 Brickell Plaza in Miami was involved in a lease transaction. The asset spans 130,000 square feet and served as the new headquarters for Citadel, following billionaire Kenneth Griffin's decision to relocate the company from Chicago to Miami.

Summary of transaction details:

Billionaire Kenneth Griffin, the founder of Citadel, made the strategic decision to expand the company's headquarters by moving it to the 830 Brickell tower. The move aimed to accommodate 450 employees by the end of summer, with plans underway for a custom headquarters on Brickell Bay Drive.

Players

Brian Gale

Cushman & Wakefield

Broker

$389M

vol

16 deals

Broker

Miami Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93