UPDATE: Billionaire investor Ken Griffin has officially finalized his exit from the Chicago real estate market, marking a decisive shift to Florida as his new home base. Griffin’s last remaining property in Chicago, a full-floor penthouse at 800 N. Michigan Avenue, is now under contract for $12.5 million, according to a statement confirmed by his spokesperson to Bloomberg.
This sale represents the conclusion of Griffin’s gradual retreat from the Chicago luxury market, which accelerated after Citadel relocated its global headquarters to Miami in June 2022. Griffin initially listed the penthouse, prominently located atop Park Tower, for $15.75 million in July, indicating a strategic price reduction as he seeks to fully divest from the Windy City.
Griffin’s departure from Chicago comes with a clear vision for his future in South Florida. He expressed his enthusiasm for the region’s potential at an Economic Club of Miami event, highlighting the unique advantages Florida offers. “There’s something very special about the government in Florida and their focus on delivering traditional values for the community,” Griffin said.
Since moving to Miami, Griffin has sold nearly all of his Chicago properties, which once constituted a substantial portfolio of high-end real estate. The billionaire’s transition to Miami is not merely a change of scenery; it is a strategic business move that aligns with the city’s booming market.
In October, during a Citadel Securities conference in New York, Griffin revealed ambitious plans for the firm’s new office tower in Miami’s Brickell district, which is projected to carry an eye-popping price tag of approximately $2.5 billion. He emphasized that “South Florida has something that the rest of the world wants,” citing the area’s oceanfront properties, strong community values, and vibrant cultural institutions as key factors driving his investment.
As Griffin’s final Chicago listing heads for sale, the billionaire’s pivot toward Miami’s thriving real estate market signals a significant transformation in his investment strategy. The urgency of this transition underscores the broader trend of affluent individuals and businesses relocating to Florida, seeking favorable tax conditions and a high quality of life.
This latest development not only concludes Griffin’s chapter in Chicago but also cements Miami’s status as a premier destination for luxury real estate investment. As the market continues to evolve, all eyes will be on how Griffin’s strategic decisions shape the future of both his real estate portfolio and the broader economic landscape in Florida.
Stay tuned for more updates as this story develops.
