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Citadel Takes Temporary Space In Advance Of Heralded 425 Park Ave. Move

520 Madison Ave., among the Manhattan office buildings with sizable subleases available

Citadel, the Chicago-based hedge fund helmed by billionaire Ken Griffin, has signed a lease for temporary space at 520 Madison Ave.

The short-term lease is for 24k SF while the firm awaits the completion of L&L Holding Co.’s 425 Park Ave. In 2019, Citadel will occupy reportedly the most expensive office space in Manhattan’s history.

The hedge fund may be eyeing up to 100k SF of additional office space while it waits for its new spread, The Real Deal reports. Robert Kaplan, Citadel’s recently hired head of global real estate, has tapped JLL to find the firm 50k to 100k SF of space that may or may not turn out to be temporary, in or near the Plaza District.

The space at 520 Madison Ave. will be subleased from the investment bank Jefferies.

The sublease is set to expire at the same time as Citadel’s lease for its current New York office at 601 Lexington Ave. The plan is to then consolidate its space at 425 Park Ave.

Asking rent for the sublease was in the high $80s/SF. CBRE’s John Nugent and Andrew Sussman repped Citadel on the sublease. The duo also repped the hedge fund on its blockbuster 425 Park lease.