UPDATE: Billionaire Ken Griffin has officially finalized his exit from Chicago’s luxury real estate market, marking a significant shift in his property investments. The last remaining property, a full-floor penthouse at 800 N. Michigan Avenue, is now under contract for $12.5 million, according to sources from FOX Business and confirmed by Bloomberg.
This deal comes as Griffin’s transition to Miami solidifies, following the relocation of Citadel’s headquarters to the city more than two years ago. The penthouse, initially listed at $15.75 million in July, reflects Griffin’s strategic pivot away from Chicago after years of owning some of its most coveted properties.
Griffin’s retreat from Chicago accelerated in June 2022 when Citadel and Citadel Securities officially moved their global headquarters to Miami. “There’s something very special about the government in Florida and their focus on delivering traditional values for the community,” Griffin stated during an Economic Club of Miami event, highlighting his growing affinity for the state.
Since the headquarters move, Griffin has liquidated nearly all his Chicago assets, which included a substantial collection of high-end properties. As Citadel deepens its presence in South Florida, Griffin’s enthusiasm for the region is evident. He revealed plans for a new office tower in Miami’s Brickell district, projected to cost around $2.5 billion.
“South Florida has something that the rest of the world wants,” Griffin remarked. His comments underline the allure of the area, known for its oceanfront properties, safe streets, and excellent schools. “Miami is one of the most vibrant cities in the world,” he added, emphasizing the region’s strong real estate performance over the past seven years.
With Griffin’s final Chicago listing now under contract, his transition to Miami’s booming market appears complete. The implications of this move extend beyond real estate; it signals a shift in investment trends as affluent individuals gravitate towards Florida’s favorable economic landscape.
As the deal progresses, eyes will be on how Griffin’s presence in Miami continues to reshape not only his portfolio but also the local economy. The finalization of this sale marks a definitive end to Griffin’s chapter in Chicago, leaving behind a legacy of luxury properties now turned into opportunities for new owners.
Stay tuned for further updates on Griffin’s ventures in Miami and the evolving real estate market dynamics in both cities.
