Completion of Chicago Real Estate Divestment
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 that the billionaire’s last Chicago property, a condo at 800 N. Michigan Avenue, has gone under contract.
The full-floor duplex penthouse, 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.
Relocation to Miami and Reasons
Griffin moved the global headquarters of his Citadel and Citadel Securities to Miami from Chicago in June 2022.
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.
He told an 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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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.
