Hedge Fund Meets Tight Deadline to Relocate Within 'Overheated' Submarket
Chicago-based Citadel Investment Group, one of the largest hedge funds in the country, had outgrown its New York City space at 625 Madison Avenue. The firm wanted to remain in Midtown Manhattan, but it needed quite a bit more space than it currently occupied. Citadel retained Savills, which had represented the firm in two previous transactions, to provide a complete office space solution.
It was important that the client remain in Midtown within close proximity to the majority of its clients. The firm also required a prestigious building, to reflect Citadel’s corporate image, and with sufficient infrastructure to accommodate the firm’s above-average energy and security requirements.
Due to a very active and ‘overheated’ market, the landlord gave Citadel just five days to sign a lease. Citadel successfully signed a 10-year, 60,000-square-foot lease at Citigroup Center, one of Manhattan’s most recognizable and desirable buildings. Its new space doubled the size of its New York operations and offered 30,000 square feet of expansion options to accommodate future growth. The building’s generous floor plates, its ability to provide sufficient power, and the owner’s willingness to build a back-up generator for uninterrupted service, created a complete package that convinced Citadel that Citigroup Center should be its new home in New York. Citadel eventually grew to occupy five floors in the building.
Citadel Investment Group analyzes global markets with discipline and focus, and employs a range of strategies in an effort to deliver market-leading investment returns to its capital partners. Combining deep fundamental research, predictive analytics, and leading-edge technology, Citadel’s global team brings together the art of investing with the science of finance to help its capital partners achieve their financial goals.