Citadel’s Ken Griffin is cashing out of a 52-year-old Palm Beach office property, selling the Worth Avenue building to Blackstone’s Revantage for $86 million.
The billionaire hedge fund titan agreed to sell the 50,000-square-foot Class A office building at 125 Worth Avenue to the Chicago-based real estate investment services platform just three years after paying $83 million for it.
Griffin bought the property in 2023 from an affiliate of Palm Beach-based Frisbie Group and Bethesda, Maryland-based Dreyfuss Management.
The latest sale works out to $1,720 per square foot. The news was first reported by the Commercial Observer.
Frisbie acquired the three-story property for $30.7 million in 2017, while Dreyfuss later held an ownership stake. It was built in 1974 and sits on 0.8 acres.
Tenants at 125 Worth Avenue include Linda A. Gary Real Estate, Hydra Wellness, and real estate agents Jacob Graves and William Raveis, according to Google.
Blackstone launched Revantage in 2017 as an in-house corporate services platform for its real estate portfolio companies and investments. The business supports more than 12,700 real estate assets with a combined enterprise value topping $500 billion.
The sale comes less than a year after Griffin sold the neighboring three-story former Neiman Marcus building at 151 Worth Avenue to West Palm Beach-based TZ Capital Management for $80.5 million. Griffin also held onto this property for three years, purchasing it in 2022 for $78 million.
Griffin’s ties to Palm Beach span the commercial and residential real estate markets.
During the pandemic, Citadel relocated traders from its Chicago and New York offices to Palm Beach, where they worked out of the Four Seasons Resort Palm Beach.
On the residential side, Griffin is continuing to build one of Palm Beach’s largest private compounds. For over a decade, the billionaire has spent more than $400 million assembling oceanfront and lakefront properties along South Ocean Boulevard and Blossom Way, creating an estate that now stretches more than 27 acres from the Atlantic Ocean to the Intracoastal Waterway.
He began assembling the property in 2012 with a then-record $130 million purchase of four adjacent Blossom Way homes. Griffin expanded the compound with the acquisitions of 70 Blossom Way for $15.2 million in 2015, the 4.2-acre estate at 1290 South Ocean Blvd. for $85 million in 2017, 10 Blossom Way for $20.3 million in 2018 and the oceanfront mansion at 60 Blossom Way for $99.1 million in 2019, along with several other nearby purchases.
Griffin is redeveloping the assemblage into a multibuilding family compound. Early plans call for an 18,000-square-foot main residence for his mother, a 7,000-square-foot guest house, and additional residential and recreational buildings spread across the property, the New Yorker reported. The completed compound could reach $1 billion in value for Griffin’s land acquisitions and the construction.
In Miami, Citadel’s supertall headquarters tower is still in the works. Griffin recently bought out the remaining condo units at the adjacent Solaris at Brickell Bay and will pay $3 million for the nearby site that houses the Dade Heritage Trust’s historic headquarters cottage. The cottage is slated to be relocated to Coconut Grove to make way for the project.
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Citadel’s Ken Griffin drops $83M for office building on Palm Beach’s Worth Ave
Frisbie Group buys 125 Worth Avenue
Ken Griffin operating trading room at the Four Seasons Palm Beach during hotel closure
