UPDATE: Billionaire investor Ken Griffin has officially sealed his exit from the Chicago luxury real estate market with the sale of his last remaining property, a stunning full-floor penthouse at 800 N. Michigan Avenue. This pivotal deal, confirmed by Griffin’s spokesperson to Bloomberg and reported by FOX Business, marks a significant milestone in Griffin’s transition following the relocation of Citadel to Miami more than two years ago.
The penthouse, which boasts breathtaking views atop Park Tower, was listed at $12.5 million, a notable reduction from its initial price of $15.75 million when it hit the market in July. This price cut underscores Griffin’s decisive move to exit Chicago’s real estate scene entirely, a process he began in earnest after Citadel officially moved its headquarters to Miami in June 2022.
Griffin has repeatedly expressed his admiration for Florida’s governance and community values. “There’s something very special about the government in Florida and their focus on delivering traditional values for the community,” he stated at an Economic Club of Miami event last year. Since relocating, he has divested nearly all his Chicago properties, which once included some of the city’s most coveted addresses.
The billionaire’s pivot to Miami comes with bold ambitions. In October, Griffin revealed plans for a new office tower in Miami’s Brickell district, projected to cost around $2.5 billion. His enthusiasm for South Florida is evident, as he remarked, “South Florida has something that the rest of the world wants. It has oceanfront property in a state with extraordinarily safe streets, great schools, strong sense of community, great cultural institutions. Miami is one of the most vibrant cities in the world.”
With the sale of his final Chicago listing now in motion, Griffin’s transformation from Chicago’s real estate mogul to a key player in Miami’s booming market is complete. The finalization of this deal not only reflects Griffin’s changing interests but also highlights a larger trend of affluent individuals shifting their focus to the vibrant and lucrative real estate landscape in South Florida.
As this story develops, watch for further updates on Griffin’s real estate ventures and the impact of his transition on the markets in both Chicago and Miami. The urgency of this move resonates within the real estate community, as it signals a broader shift in high-end property investments and the continuing allure of Florida’s thriving economy.
