UPDATE: Billionaire Ken Griffin has finalized his exit from Chicago’s luxury real estate market, marking a significant shift as he fully embraces Miami as his new home base. According to FOX Business, Griffin’s last remaining property in the city—a full-floor penthouse at 800 N. Michigan Avenue—is now under contract for $12.5 million, significantly reduced from its original listing of $15.75 million.
This deal closes a chapter that began when Griffin’s investment firm, Citadel, relocated its global headquarters to Miami over two years ago. The confirmation of this sale underscores Griffin’s commitment to moving away from Chicago after years of owning some of its most prestigious properties.
Griffin’s retreat gained momentum in June 2022, when Citadel made headlines with its official move to Miami. During an Economic Club of Miami event, he praised Florida’s government for their dedication to “traditional values for the community,” highlighting the appeal of his new surroundings.
Since the headquarters relocation, Griffin has systematically sold off nearly all his Chicago assets. Once a significant player in the city’s luxury real estate market, he has transitioned to South Florida, where he sees immense potential. A report from Bloomberg indicates that Griffin once controlled a vast collection of high-end properties, but one by one, they have been listed and sold as Citadel deepens its roots in Miami.
Griffin’s ambitions extend beyond just residential properties. In October 2023, he announced plans for a new office tower in Miami’s Brickell district, projected to cost around $2.5 billion. His enthusiasm for South Florida has been evident, stating, “South Florida has something that the rest of the world wants.” He emphasized the region’s desirable features, including oceanfront property, safe streets, excellent schools, and vibrant cultural institutions.
As Griffin’s final Chicago listing heads for sale, his pivot towards Miami’s booming market appears complete. The billionaire’s strategy reflects a broader trend of high-profile individuals seeking opportunities in the rapidly growing South Florida region, which has seen real estate performance that is hard to match nationwide.
With the Chicago exit now confirmed, investors and real estate watchers will be eager to see how Griffin’s next ventures unfold in Miami, a city he describes as “one of the most vibrant in the world.” The implications of his move not only reshape his portfolio but also highlight Miami’s growing allure as a prime destination for the affluent.
Stay tuned for more updates as this story develops.
