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Ken Griffin’s Chicago real estate selloff is nearly complete, as the billionaire’s final condo in the city has reportedly gone under contract, marking the end of a sweeping divestment that followed Citadel’s move to Miami.
Griffin’s spokesperson told Bloomberg Wednesday that the billionaire’s last Chicago property, a condo at 800 N. Michigan Avenue, has gone under contract.
The full-floor duplex penthouse that’s described as the “crown jewel” of Park Tower is listed on Zillow for $12.5 million, a roughly 20% decrease from its July asking price of $15.75 million.
Griffin moved the global headquarters of his Citadel and Citadel Securities to Miami from Chicago in June 2022.
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“There’s something very special about the government in Florida and their focus on delivering traditional values for the community,” he said at an event organized by the Economic Club of Miami several months after making the announcement.
Bloomberg reported that Griffin owned a range of high-end properties in Chicago over the years but unloaded most of them after announcing the relocation of his hedge fund.
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He told the outlet in October, at a Citadel Securities conference in New York, that his company’s planned office tower in Miami’s Brickell neighborhood will probably cost around $2.5 billion.
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“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,” said Griffin.
“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.”
