Billionaire investor Ken Griffin has finalized his exit from Chicago’s luxury real estate market, marking the end of a significant chapter that began with his firm’s relocation. Griffin’s spokesperson confirmed to Bloomberg that his last remaining property in the city, a full-floor penthouse located at 800 N. Michigan Avenue, is now under contract. The penthouse, which was listed for $12.5 million, reflects a notable reduction from its initial listing price of $15.75 million set in July.
This sale comes as Griffin continues to reshape his real estate footprint following the relocation of both Citadel and Citadel Securities to Miami in June 2022. Griffin’s decision to sell off his Chicago holdings aligns with his firm’s growing presence in South Florida, where he has indicated a strong commitment to investing in the area.
Shift to South Florida
Griffin’s transition away from Chicago accelerated significantly after the headquarters shift. During an event with the Economic Club of Miami, he expressed his admiration for Florida’s government, stating, “There’s something very special about the government in Florida and their focus on delivering traditional values for the community.”
Since the move, Griffin has divested nearly all of his properties in Chicago, which once included a substantial portfolio of high-end real estate. According to Bloomberg, Griffin’s strategy has been to gradually list and sell these properties as Citadel deepens its footprint in Miami.
Griffin is not just exiting Chicago; he is also making ambitious plans for his new base. In October 2023, he announced during a Citadel Securities conference in New York that the firm’s new office tower in Miami’s Brickell district is expected to cost around $2.5 billion. His enthusiasm for the region is evident in his comments about South Florida’s appeal.
Why Miami?
“South Florida has something that the rest of the world wants,” Griffin stated. He highlighted the region’s oceanfront properties, safety, quality schools, and vibrant cultural institutions, emphasizing that Miami is among the most dynamic cities globally. He also pointed out the impressive performance of real estate in South Florida over the past seven years, saying, “With respect to a real estate portfolio, you’d be hard-pressed to beat the returns of real estate in South Florida over the last seven years.”
Griffin’s final listing in Chicago now appears to signal a complete shift to Miami’s booming market. As he moves forward, Griffin’s focus remains on harnessing the opportunities presented by the growing demand for real estate in South Florida, effectively closing the chapter on his Chicago investments.
