Renowned hedge fund Citadel, led by Ken Griffin, has secured a significant expansion of its London office space by finalizing a deal to relocate to British Land’s prestigious new tower development at Broadgate.
Under the agreement, Citadel and its affiliate, Citadel Securities, will occupy a substantial portion of the space at 2 Finsbury Avenue, amounting to at least 250,000 square feet, representing a significant increase in their London footprint.
Situated within British Land’s joint venture with Singapore’s GIC at Broadgate, the tower is currently under construction and is scheduled for completion in 2027. 
This move comes amid Ken Griffin’s expressed concerns about the impact of hybrid or remote working practices on a company’s culture. Griffin emphasized the importance of having all team members under one roof, highlighting the accelerated flow of information and collaboration that comes with physical proximity.
Citadel, managing approximately $61 billion in assets, achieved a record profit of $16 billion for investors in 2022, according to research from LCH Investments. Meanwhile, Citadel Securities stands as one of the world’s largest market-making firms.
With over 780 employees currently housed at their offices at 120 London Wall, Citadel’s decision to expand within the Broadgate project offers a significant endorsement of the development at a crucial juncture.
Bhavesh Mistry, Chief Financial Officer of British Land, noted the strategic timing of the move, with an estimated delivery of 1 million square feet of new or refurbished space annually from 2024-2027, compared to the typical annual demand of 2 million square feet.
Gerald Beeson, Chief Operating Officer at Citadel, underscored the benefits of the state-of-the-art building in attracting top talent as the firm continues to strengthen its presence in London.
In a market characterized by intense competition for premium space juxtaposed with limited demand for older or less desirable buildings, Citadel’s long-term lease commitment reflects confidence in the quality and appeal of the Broadgate development.
The 15-year lease, with provisions for potential space expansion, underscores Citadel’s commitment to its London operations. JLL provided advisory services for the relocation.
Berenberg analysts estimate Citadel’s headline rent at £98 per square foot, reflecting a notable increase from previous rates in the Broadgate area.
