Citadel's Ken Griffin wants to build a massive NYC skyscraper that the city hopes will lure more workers back to the office
Griffin, who relocated his company's headquarters to Miami, has previously said remote work can harm corporate culture.
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- Citadel's Ken Griffin filed plans alongside Vornado and Rudin for a 62-story NYC skyscraper.
- The mayor's office said the building would bolster an ongoing revitalization of midtown.
- Beyond NYC, Griffin has said also Miami could become the US' next financial hub.
Citadel's Ken Griffin is planning a 62-story skyscraper in the heart of midtown that New York City's mayor hopes will bolster the ongoing revitalization of the neighborhood after many buildings went vacant during the pandemic.
Real estate developers Vornado Realty Trust and Rudin Management filed plans for the project alongside Griffin (whose Citadel and Citadel Securities will serve as anchor tenants), the mayor's office said Tuesday.
Located at 350 Park Avenue, the building is expected to be completed in 2032, and will house over 6,000 jobs. It will also comprise a public concourse with seating, green space, and art.
Developers purchased air rights from St. Patrick's Cathedral and Saint Bartholomew's Church in order to construct the building. The prices they paid will fund upkeep for both churches, the Mayor's office said, to the tune of $150 million.
"This project will build on our continued efforts to energize Midtown Manhattan as the world's most important business address and an economic engine for working-class New Yorkers," Adams said in a statement.
There have been signs that New Yorkers are increasingly working in person. Bloomberg reported Wednesday that the city's return-to-office rate had reached almost 80% of pre-pandemic levels, according to a new study.
For his part, Griffin highlighted in a statement the building's "incredible light, 360-degree views, and spacious layouts in one of the leading financial centers in the world."
Griffin has previously discussed how remote work can harm corporate culture, and a spokesperson for Citadel told Business Insider the company has been back in the office full-time since June 2021.
But Griffin doesn't have his sights set exclusively on New York. In November, the billionaire hedge fund manager said Miami — where Citadel moved from Chicago in 2022 — could one day overtake New York as the financial hub of the United States.