Ken Griffin’s Citadel is departing the iconic Chicago tower that once served as its headquarters, cutting one of its last remaining ties to the city.

The financial conglomerate is in talks to exit Citadel Center, the 37-story building named after the company at 131 S. Dearborn St., people familiar with the discussions said. Citadel would still keep a presence in Chicago, downsizing to a smaller office nearby, one of the people said, asking not to be named because the information is private.

Citadel declined to comment. The plans, which were first reported by Crain’s Chicago Business, are still in early stages and there’s no guarantee they will result in a deal.

The move would mark a significant step in Griffin’s years-long effort to depart Chicago after the billionaire financier relocated his businesses and family to Miami in 2022. Citadel has expanded its offices in the Florida city and in New York, where Griffin plans to build a 62-story office tower with developers Vornado Realty Trust and Rudin.

Since announcing the relocation, Citadel’s headcount in Chicago has already been reduced by almost 70%, according to a person familiar. If the office move is completed, Citadel will have cut its real estate footprint in the city by nearly 85%, the person said.

Consultant Bain & Co. is in talks to take over at least some of the floors Citadel is vacating at Citadel Tower, a person familiar said. Bain didn’t reply to messages seeking comment.

Griffin, 56, left Chicago decrying a rise in crime after publicly sparring with Governor JB Pritzker. He’s been selling his personal properties in Chicago at a discount, including a pair of condos that were bought by Pritzker himself.

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