Citadel Investment Group
Citadel Investment Group, one of the largest hedge funds in the country, had outgrown its space at 625 Madison Avenue. The firm wanted to remain in Midtown Manhattan, but needed quite a bit more space than it currently occupied. Having represented the firm in two previous transactions, Citadel retained Savills Studley 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, commensurate with Citadel’s corporate image that had sufficient infrastructure to accommodate their above-average power and security requirements.
Due to a very active and ‘overheated’ market, the landlord gave Citadel just 5 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 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 Citicorp Center should be its new New York home. Citadel eventually grew to 5 floors in the building.
153 East 53rd St.,
New York, NY
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