Short-Term Band-Aid Sublease for Chicago Based Citadel

Ken Griffin, founder and chief executive of Citadel, shattered every record last year with a 200,000 square foot lease at L&L’s 425 Park Avenue paying in the $300’s per square foot. The building is in the process of being constructed by 2019 and in the meantime, due to the rapid growth of the firm Citadel decided to sublease 24,000 square feet from Jefferies at 520 Madison Avenue. The sublease expires within a few months of its current New York headquarters at 601 Lexington Avenue in 2019. At which point, Citadel will be consolidating to its brand new space at 425 Park Avenue. A deal was reached with rent in the $80s per square foot and made sense because Jefferies’ space was already built to accommodate a financial services tenant.

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