Key Takeaways
- • Ken Griffin sold the 50,000-square-foot Class A office building at 125 Worth Avenue in Palm Beach to Blackstone's Revantage for $86 million, generating a $3 million profit on the three-year hold (purchased for $83 million in 2023).
- • The transaction values the property at $1,720 per square foot; Blackstone plans to renovate the mixed-use retail and office space as part of its broader real estate portfolio management strategy.
- • This sale represents Griffin's second major Palm Beach commercial real estate exit in less than a year, following the $80.5 million sale of the neighboring former Neiman Marcus building at 151 Worth Avenue to TZ Capital Management in late 2025 (purchased for $78 million in 2022).
- • Revantage, Blackstone's in-house corporate services platform launched in 2017, manages over 12,700 real estate assets with combined enterprise value exceeding $500 billion, positioning the firm as a significant institutional real estate operator.
- • The 52-year-old property, originally built in 1974 and spanning 0.8 acres, is currently occupied by tenants including Linda A. Gary Real Estate, Hydra Wellness, and real estate agents.
Summary
Billionaire hedge fund manager Ken Griffin has divested the office building at 125 Worth Avenue in Palm Beach to Blackstone's Revantage platform for $86 million. The transaction, reported by Commercial Observer, marks Griffin's latest exit from the Palm Beach commercial real estate market and reflects active portfolio repositioning by the Citadel founder.
Griffin acquired the 50,000-square-foot Class A mixed-use property from affiliates of the Palm Beach-based Frisbie Group and Bethesda-based Dreyfuss Management in 2023 for $83 million. The three-year hold generated approximately $3 million in profit, equating to $1,720 per square foot. The property, constructed in 1974 and situated on 0.8 acres, comprises three stories with both retail and office components. Current tenants include Linda A. Gary Real Estate, Hydra Wellness, and individual real estate agents.
The sale underscores Griffin's strategic shift in Palm Beach commercial holdings. Less than a year prior, Griffin sold the adjacent property at 151 Worth Avenue—the former Neiman Marcus building—to West Palm Beach-based TZ Capital Management for $80.5 million. Griffin had held that asset for three years following a 2022 acquisition at $78 million, similarly generating approximately $2.5 million in profit.
Blackstone's acquisition through Revantage, the firm's proprietary corporate services platform established in 2017, reflects the mega-asset manager's ongoing expansion in institutional real estate. Revantage currently manages a portfolio exceeding 12,700 real estate assets with combined enterprise value surpassing $500 billion. According to available reporting, Blackstone intends to undertake renovation and repositioning of the retail and office space.
Griffin's expanded presence in Palm Beach extends beyond commercial properties. During the COVID-19 pandemic, Citadel relocated trading operations from Chicago and New York offices to Palm Beach, utilizing the Four Seasons Resort as a temporary workspace. Additionally, Griffin is actively developing a substantial private residential compound on the island, reflecting long-term commitments to the market beyond tactical commercial real estate transactions.
Griffin acquired the 50,000-square-foot Class A mixed-use property from affiliates of the Palm Beach-based Frisbie Group and Bethesda-based Dreyfuss Management in 2023 for $83 million. The three-year hold generated approximately $3 million in profit, equating to $1,720 per square foot. The property, constructed in 1974 and situated on 0.8 acres, comprises three stories with both retail and office components. Current tenants include Linda A. Gary Real Estate, Hydra Wellness, and individual real estate agents.
The sale underscores Griffin's strategic shift in Palm Beach commercial holdings. Less than a year prior, Griffin sold the adjacent property at 151 Worth Avenue—the former Neiman Marcus building—to West Palm Beach-based TZ Capital Management for $80.5 million. Griffin had held that asset for three years following a 2022 acquisition at $78 million, similarly generating approximately $2.5 million in profit.
Blackstone's acquisition through Revantage, the firm's proprietary corporate services platform established in 2017, reflects the mega-asset manager's ongoing expansion in institutional real estate. Revantage currently manages a portfolio exceeding 12,700 real estate assets with combined enterprise value surpassing $500 billion. According to available reporting, Blackstone intends to undertake renovation and repositioning of the retail and office space.
Griffin's expanded presence in Palm Beach extends beyond commercial properties. During the COVID-19 pandemic, Citadel relocated trading operations from Chicago and New York offices to Palm Beach, utilizing the Four Seasons Resort as a temporary workspace. Additionally, Griffin is actively developing a substantial private residential compound on the island, reflecting long-term commitments to the market beyond tactical commercial real estate transactions.
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