Billionaire hedge fund founder Ken Griffin is signaling an even deeper commitment to South Florida, announcing plans to significantly expand office space at Citadel’s future headquarters in Miami’s Brickell district.
Speaking Tuesday during an interview with CNBC, Griffin said Citadel is “doubling down” on Miami by adding hundreds of thousands of square feet to its developing corporate campus. The move comes as more major investors and companies continue relocating operations away from high-tax, heavily regulated states such as New York and Illinois.
Construction is already underway on Citadel’s planned 1,049-foot headquarters tower at 1201 Brickell Bay Drive, a project expected to become one of the tallest and most recognizable buildings in Miami once completed.
Griffin tied the expansion decision directly to policies emerging from New York City leadership. The billionaire criticized New York Mayor Zohran Mamdani over a proposed tax targeting second homes valued above $5 million. Mamdani previously promoted the idea in a social media video filmed outside Griffin’s Manhattan penthouse — a property that reportedly set a national sales record when purchased in 2019 for roughly $238 million.
Citadel executives blasted the mayor’s actions as inappropriate, while Griffin described the video as “creepy and weird,” arguing it reflected a broader hostility toward financial success and economic growth.
Although Citadel indicated it may reconsider aspects of a planned multi-billion-dollar Manhattan development, Griffin later suggested the company would likely continue with the project. Still, he emphasized that Miami and Florida remain far more attractive environments for long-term investment.
A longtime Republican donor and outspoken advocate for low-tax economic policies, Griffin has repeatedly warned that progressive tax agendas drive away employers, investors, and high-income residents. He pointed to his previous experience in Illinois, where he spent tens of millions opposing a graduated income tax proposal before eventually relocating Citadel’s headquarters from Chicago to Miami in 2022.
Griffin said Tuesday that moving the firm to Florida was “unquestionably” the right decision.
Florida’s lack of a state income tax, business-friendly regulatory climate, and growing financial sector have helped transform Miami into a major destination for investment firms and wealthy entrepreneurs. Griffin noted that several Silicon Valley billionaires have also recently purchased property in South Florida, including Larry Page, who has reportedly invested heavily in Miami-area real estate.
Earlier this year, Griffin partnered with billionaire developer Stephen M. Ross to launch an initiative encouraging major business leaders and corporations to relocate to South Florida.
As cities like New York and Chicago push for higher taxes and expanded government spending, Miami continues positioning itself as a national hub for finance, entrepreneurship, and economic opportunity.
