Ken Griffin sells his last big Chicago condo, leaves city behind

Ken Griffin has found a buyer for his last remaining property in Chicago, ending his connection to the city where he built his fortune. According to Crain’s Chicago Business, the 67th-floor condo at Park Tower on North Michigan Avenue went under contract recently, marking the final piece of his downtown real estate portfolio. Griffin purchased this unit back in 2000 for $6.9 million when the building was brand new. The property is listed at $12.5 million, which is less than what he originally paid when adjusted for inflation. Crain’s Chicago Business reports that Griffin's spokesperson confirmed this is his last property in the city, although the billionaire declined to make any further comments about the sale.

Miami move follows crime concerns

Griffin relocated his entire business empire to Miami in June 2022, bringing both Citadel and Citadel Securities with him. Yahoo Finance notes that he has been very open about his reasons for leaving Chicago, frequently expressing disappointment with the city's direction. The billionaire told attendees at an Economic Club of Miami event that Florida's government delivers traditional values for the community.

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According to Yahoo Finance, Griffin announced plans for a massive $2.5 billion office tower in Miami's Brickell neighborhood. He praised South Florida for having oceanfront property, safe streets, excellent schools, and strong cultural institutions that make Miami one of the world's most vibrant cities.

Historic losses on Chicago properties

The Real Deal confirms this sale would be downtown Chicago's most expensive single condo transaction in three years if it closes at the listing price. Griffin has taken substantial losses on most of his Chicago properties during this selloff period. He sold the 66th-floor penthouse to filmmaker George Lucas for $11.2 million in 2023, losing money on that deal. The Real Deal reports that Gov. JB Pritzker purchased two units from Griffin at 9 W. Walton for $19 million in 2024. Overall, Griffin has lost over $30 million across his various Chicago property sales, although his $49.8 billion net worth means these losses likely don't impact him significantly.