Citadel Moves to 660 Fifth Avenue as 350 Park Avenue HQ Takes Shape

Global financial services powerhouse Citadel is expanding its New York City footprint by leasing 504,000 square feet at 660 Fifth Avenue. This strategic move comes as the firm awaits the completion of its new headquarters at 350 Park Avenue, a 62-story office tower being developed in partnership with Vornado Realty Trust (VNO) and Rudin. The new headquarters is slated for completion in 2032, where Citadel will occupy approximately 850,000 square feet.

The lease at 660 Fifth Avenue, a 39-floor Midtown Manhattan office tower, allows Citadel to maintain its operations seamlessly during the interim. The building, owned and redeveloped by Brookfield Properties, underwent a $400 million transformation that modernized its infrastructure with upgraded mechanical systems, a new lobby, and floor-to-ceiling window panels. Brookfield acquired the property from Kushner Companies in 2018 for $1.3 billion, facilitating Kushner’s payoff of $1.1 billion in debt and the buyout of co-owner Vornado Realty Trust.

Citadel plans to relocate from its current space at 350 Park Avenue to 660 Fifth Avenue in 2025. Additionally, Citadel and its affiliate, Citadel Securities, operate a 440,000-square-foot office nearby at L&L Holding Company’s 425 Park Avenue. This move reinforces Citadel’s strong presence in Midtown Manhattan’s premier office market.

Brookfield Properties’ redevelopment of 660 Fifth Avenue has attracted other prestigious tenants, including global financial services firm Macquarie Group and asset management firm 400 Capital Management. Located between West 52nd and West 53rd streets, 660 Fifth Avenue continues to emerge as a prime destination for leading financial firms.  As of now, there are still 5 full floors available, including a large block from 4-7 (floors are +/- 79,000 each) and the entire 39th floor (which measures 24,459 square feet).

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