Ken Griffin’s hedge fund Citadel is moving to a new base in the City of London.
The hedge fund giant has signed an agreement to lease more than 250,000 square feet of workspace in twin skyscraper development 2FA, a joint venture between British Land and Singaporean sovereign wealth fund GIC. Citadel will have an option to lease an additional 130,000 sq ft in 2FA which will be located in the Broadgate office and retail estate.
Gerald Beeson, Citadel’s chief operating officer, said that the firm is “excited” to move into the new building, which is expected to be completed by 2027.
The Citadel deal means that the space in 2FA is already 33% pre-let, and 50% pre-let if the firm takes the optional space, British Land said in an 18 April announcement.
Citadel launched its London office in 1999. The hedge fund has some of its key portfolio managers in the City including Gilberto Marcheggiano, who is a senior portfolio manager and partner at Citadel.
London is a hotspot for global hedge funds which have spent big bucks to grab offices in top locations. The UK capital is home to some of the world’s largest hedge funds such as Steve Cohen’s Point72 and Izzy Englander’s Millennium.
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Amid fierce competition from international players, hedge fund Winton shattered all leasing records to grab the most expensive office in London in 2022, according to Bloomberg.
Citadel’s latest move to relocate its office in London came roughly two years after the hedge fund announced its plans to move its US headquarters from Chicago to Miami. Griffin, who is building a $1bn headquarters in Miami, said in November 2023 that the city has the potential to overtake New York as a financial hub.
Citadel’s flagship Wellington fund posted gains of 5.75% in the first quarter, Reutersreported.
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