Key Takeaways
- • Citadel founder Ken Griffin is divesting the 125 Worth Avenue office building in Palm Beach to Blackstone's Revantage platform for $86 million, representing a $3 million gain on his 2023 purchase price of $83 million.
- • The 50,000-square-foot Class A office property, built in 1974, commands $1,720 per square foot and sits on 0.8 acres in a premium Palm Beach location; current tenants include Linda A. Gary Real Estate, Hydra Wellness, and real estate agents.
- • This marks Griffin's second Worth Avenue divestiture in under a year—he sold the neighboring 151 Worth Avenue building (formerly Neiman Marcus) to TZ Capital Management for $80.5 million in 2025, also at a modest profit on his $78 million 2022 acquisition.
- • Blackstone's Revantage, launched in 2017 as an in-house corporate services platform, now supports more than 12,700 real estate assets with combined enterprise value exceeding $500 billion, positioning the buyer as a sophisticated institutional real estate operator.
- • Griffin's strategic Palm Beach real estate positioning reflects broader corporate footprint expansion, including his pandemic-era relocation of Citadel traders from Chicago and New York to Four Seasons Resort Palm Beach, alongside substantial residential compound development.
Summary
Ken Griffin, billionaire founder and CEO of hedge fund Citadel, has agreed to sell the office building at 125 Worth Avenue in Palm Beach to Blackstone's Revantage platform for $86 million. The transaction represents a modest capital gain of approximately $3 million, given Griffin's purchase price of $83 million just three years earlier in 2023, when he acquired the property from affiliates of the Palm Beach-based Frisbie Group and Bethesda, Maryland-based Dreyfuss Management.
The 50,000-square-foot Class A office structure, originally constructed in 1974, occupies 0.8 acres and achieves a valuation of $1,720 per square foot. The property currently houses several tenants, including Linda A. Gary Real Estate, Hydra Wellness, and real estate agents Jacob Graves and William Raveis. The sale signals Griffin's measured approach to his commercial real estate portfolio in the Palm Beach market, where he has maintained a significant presence across both commercial and residential segments.
This divestiture follows a similar transaction less than a year prior, in which 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 had purchased that property in 2022 for $78 million, also securing a modest gain. Both transactions underscore a pattern of holding premium Worth Avenue properties for approximately three years before liquidating at modest appreciations, suggesting strategic capital reallocation rather than long-term accumulation in this micro-market.
Blackstone's acquisition vehicle, Revantage, functions as an in-house corporate services platform launched in 2017 to support the firm's expansive real estate portfolio. The platform currently manages more than 12,700 real estate assets with combined enterprise value exceeding $500 billion, positioning Blackstone as a highly sophisticated institutional acquirer capable of absorbing premium commercial properties across major markets. Griffin's Palm Beach footprint extends beyond commercial real estate; during the COVID-19 pandemic, he relocated Citadel traders from Chicago and New York operations to the Four Seasons Resort Palm Beach, and he continues to develop one of Palm Beach's largest private residential compounds on the island.
The 50,000-square-foot Class A office structure, originally constructed in 1974, occupies 0.8 acres and achieves a valuation of $1,720 per square foot. The property currently houses several tenants, including Linda A. Gary Real Estate, Hydra Wellness, and real estate agents Jacob Graves and William Raveis. The sale signals Griffin's measured approach to his commercial real estate portfolio in the Palm Beach market, where he has maintained a significant presence across both commercial and residential segments.
This divestiture follows a similar transaction less than a year prior, in which 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 had purchased that property in 2022 for $78 million, also securing a modest gain. Both transactions underscore a pattern of holding premium Worth Avenue properties for approximately three years before liquidating at modest appreciations, suggesting strategic capital reallocation rather than long-term accumulation in this micro-market.
Blackstone's acquisition vehicle, Revantage, functions as an in-house corporate services platform launched in 2017 to support the firm's expansive real estate portfolio. The platform currently manages more than 12,700 real estate assets with combined enterprise value exceeding $500 billion, positioning Blackstone as a highly sophisticated institutional acquirer capable of absorbing premium commercial properties across major markets. Griffin's Palm Beach footprint extends beyond commercial real estate; during the COVID-19 pandemic, he relocated Citadel traders from Chicago and New York operations to the Four Seasons Resort Palm Beach, and he continues to develop one of Palm Beach's largest private residential compounds on the island.
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