The final chapter of a billionaire’s departure from Chicago appears to be unfolding, marked by the pending sale of his remaining property in the city as he consolidates his assets in South Beach, Florida.
Ken Griffin, the CEO and founder of Citadel Advisors, initiated the relocation of his company’s headquarters from Chicago to Miami three years ago. Now, it seems he’s putting the finishing touches on this move with the impending sale of his $12.5 million condominium.
According to a spokesperson, Griffin’s last piece of real estate, located at 800 North Michigan Avenue in Chicago, is currently under contract. This follows a price reduction of $3.25 million after the property was briefly taken off the market in July.
If the sale of this penthouse, described as the ‘crown jewel’ of Park Tower, is successfully completed, it will mirror the pattern observed in the majority of Griffin’s previous property transactions, where he ultimately sold for less than his initial purchase price.
Griffin originally acquired the full-floor duplex penthouse for $6.9 million in 2000. Its current estimated value is around $12 million.
Even before Citadel’s official relocation to Florida, the billionaire, whose net worth is estimated at $48 billion, began divesting his portfolio of Chicago properties. Since then, he has relinquished ownership of all his homes in the city.
The only remaining trace of Citadel’s presence in Chicago is its former headquarters, situated at 131 South Dearborn.
Griffin has publicly stated his company’s plans to construct a tower in the Brickell neighborhood of Miami, a project estimated to cost approximately $2.5 billion.
He has expressed strong sentiments about the allure of South Florida, stating, “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.”
He further emphasized the attractive real estate returns in South Florida over the past seven years.
Beyond Miami, the billionaire also has ambitious plans for New York City, including the construction of a 62-story skyscraper.
In a 2023 interview, Griffin suggested that Miami could potentially surpass New York as the financial capital of the world. “We’ll see how big Wall Street South becomes,” he said.
“We’re on Brickell Bay, and maybe in 50 years it will be Brickell Bay North how we refer to New York in finance.”
He acknowledged the significant concentration of talent in New York City, both in the financial sector and in other industries.
“Having said that, Miami I think represents the future of America — incredibly vibrant economy,” Griffin continued.
“This is a state that has done an incredible job of electing people into office who care about safe streets, good schools and good jobs. And it’s really great to be in a state where those are the focuses of your leaders,” he added.
Griffin stated that he had been dedicated to Chicago for three decades but had witnessed the city’s decline due to what he perceived as ineffective governance.
