Ken Griffin Completes Chicago Exit, Sells Luxury Condo for $12.5 Million

Billionaire investor Ken Griffin is finalizing his exit from Chicago by placing his luxury condominium at 800 North Michigan Avenue under contract for approximately $12.5 million. The CEO of Citadel previously moved the company’s headquarters to Miami in 2022 and is now selling his final property in the Windy City. This sale comes as part of a broader trend, as Griffin has steadily divested from his Chicago real estate portfolio over the past few years.

Griffin initially acquired the penthouse for $6.9 million in 2000, and it was once heralded as the “crown jewel” of Chicago’s Park Tower. After removing the property from the market in July 2023, he reduced the asking price by $3.25 million before the current sale. If the deal is finalized, it will represent the culmination of a significant shift for Griffin, who has expressed dissatisfaction with various aspects of life in Chicago.

The billionaire has cited concerns about safety, education, and governance in Chicago as reasons for his relocation. In an interview with Bloomberg, he reflected on his long commitment to the city but lamented its recent challenges, describing the situation as “anarchy under poor governance.” The only remaining vestige of Citadel in Chicago is its former headquarters at 131 South Dearborn, as most of the firm’s operations have transitioned to Miami.

Expansion Plans in Miami

Griffin’s move to Miami is accompanied by ambitious plans for expansion. He revealed plans to construct a new $2.5 billion tower in the Brickell area, a project expected to further solidify Citadel’s presence in Florida. Griffin is also investing heavily in personal real estate, with one project projected to cost $1 billion, potentially making it one of the most expensive private residences in the United States.

In discussing the appeal of South Florida, Griffin remarked, “South Florida has something that the rest of the world wants,” highlighting its oceanfront properties, safety, strong schools, and vibrant community. He believes Miami could evolve into a global financial hub, possibly rivaling New York in the future. “Maybe in 50 years, we’ll refer to New York as Brickell Bay North,” Griffin suggested, emphasizing his belief in Miami’s potential as a center for financial activity.

Shifting Business Landscape

Griffin’s strategic relocation mirrors a larger trend of high-net-worth individuals and companies moving from high-tax, Democrat-led cities to states like Florida and Texas. While he has not extensively addressed political matters in recent interviews, his critiques of governance reflect a shift in priorities for both his personal and professional life.

With an estimated net worth of $48 billion, Griffin’s decisions resonate beyond his own portfolio. They signal a significant shift in how wealth and influence are distributed across American cities. As he prepares to fully embrace Miami as home, Griffin’s actions may inspire others to reconsider the viability of their current locations in favor of states that align with their values and aspirations.

Griffin’s departure from Chicago not only marks the end of an era for him but also highlights the evolving landscape of American business and the factors influencing where leaders choose to establish their operations.