UPDATE: Billionaire investor Ken Griffin has finalized his exit from the Chicago luxury real estate market, marking a significant shift in his investment strategy. His last remaining property, a full-floor penthouse at 800 N. Michigan Avenue, is now under contract for $12.5 million, according to a spokesperson confirmed to Bloomberg. This deal signals the end of Griffin’s real estate chapter in Chicago after a series of high-profile sales aimed at consolidating his assets in Miami.
The penthouse, located at the prominent Park Tower, was initially listed for $15.75 million in July, reflecting a substantial price reduction as Griffin moves to completely divest from the city. This transaction follows a broader trend, as Griffin has been selling off his Chicago properties since June 2022, when Citadel officially relocated its global headquarters to Miami.
Griffin has not shied away from expressing his enthusiasm for Florida. He stated, “There’s something very special about the government in Florida and their focus on delivering traditional values for the community,” during a recent event. His transition to Miami comes with ambitious plans, including a new office tower in the Brickell district projected to cost around $2.5 billion.
As his final Chicago listing moves towards completion, Griffin’s shift to the vibrant South Florida market appears complete. “South Florida has something that the rest of the world wants,” he noted, emphasizing the region’s appeal with its oceanfront properties and strong community values.
This strategic pivot not only highlights Griffin’s real estate ambitions but also underscores a broader trend of wealthy individuals investing in the booming Miami market. The sale of the penthouse marks a pivotal moment in the luxury real estate landscape, as Griffin exits a market where he once held a substantial portfolio.
With this latest development, all eyes are on how Griffin’s investments in Miami will continue to shape the city’s economy and real estate dynamics in the coming months.
