UPDATE: Billionaire investor Ken Griffin has finalized his exit from Chicago’s luxury real estate market, confirming the sale of his last remaining property in the city — a stunning full-floor penthouse at 800 N. Michigan Avenue. This deal marks a significant milestone in Griffin’s retreat, which began when Citadel relocated its headquarters to Miami over two years ago.
According to sources at FOX Business, Griffin’s penthouse was listed for $12.5 million, a notable reduction from its original asking price of $15.75 million, indicating his commitment to completely exit the Chicago market. The property, located atop the Park Tower, is now officially under contract, sealing the billionaire’s transition to South Florida.
Griffin’s move away from Chicago gained momentum in June 2022 when Citadel and Citadel Securities officially shifted their global headquarters to Miami. At an event with the Economic Club of Miami, Griffin expressed his admiration for Florida’s governance, stating,
“There’s something very special about the government in Florida and their focus on delivering traditional values for the community.”
Since the relocation, Griffin has divested nearly all of his Chicago real estate holdings, which once included a prestigious collection of high-end properties. As Citadel deepens its roots in South Florida, Griffin’s enthusiasm for the region has been evident.
In an October address during a Citadel Securities conference in New York, Griffin revealed plans for a new office tower in Miami’s Brickell district, projected to cost around $2.5 billion. He praised South Florida, highlighting its appeal with oceanfront properties, safe streets, great schools, and a vibrant sense of community. “Miami is one of the most vibrant cities in the world,” he stated, underscoring the area’s real estate performance.
As Griffin completes his exit from Chicago, the implications for the city’s luxury market are significant. This development not only marks the end of an era for Griffin but also reflects the broader trend of high-profile relocations to Florida, a state increasingly attractive to affluent individuals and businesses.
With the sale of his final Chicago listing, Griffin’s pivot to Miami’s booming market is now fully realized, reshaping his real estate footprint and leaving a lasting impact on both cities. Investors and real estate enthusiasts alike are watching closely to see how Griffin’s movement will influence future market trends in both Chicago and Miami.
Stay tuned for further updates on this developing story.
