Key Takeaways
- • Miami city commissioners unanimously approved the sale of a Brickell property at 190 Southeast 12th Terrace to Ken Griffin for $2.98 million, completing his ownership of an entire city block in the financial district.
- • The purchased parcel contains a 121-year-old historic cottage—the original office of Miami's first physician, Dr. James Jackson—currently housing the Dade Heritage Trust headquarters.
- • Griffin has committed to funding the preservation and relocation of the historic cottage as a separate agreement, pending approval from Miami's Historic and Environmental Preservation Board.
- • Since announcing Citadel's relocation to Miami in 2022, Griffin has accumulated approximately $700 million in Brickell properties, positioning the hedge fund's new headquarters at the center of a strategically consolidated real estate portfolio.
- • The Dade Heritage Trust supports the transaction, viewing it as an opportunity to own its building and underlying land outright rather than leasing city-owned property, with relocation details pending finalization.
Summary
Miami's city commissioners voted unanimously on Thursday to permit Ken Griffin, CEO of Citadel hedge fund, to acquire a plot of land in the Brickell neighborhood for $2.98 million. The purchase represents the final piece of property needed for Griffin to own an entire city block in Miami's central financial district, directly across the street from Citadel's planned headquarters.
The property at 190 Southeast 12th Terrace is currently owned by the city and occupied by a historic 121-year-old cottage that served as the original office of Dr. James Jackson, Miami's first physician. The structure now houses the headquarters of the Dade Heritage Trust, a preservation organization. As part of a companion agreement, Griffin has committed to fund the relocation and preservation of the cottage, though this arrangement requires separate approval from Miami's Historic and Environmental Preservation Board.
The Dade Heritage Trust has endorsed the transaction. Christine Rupp, the organization's executive director, told Forbes the sale represents "an amazing opportunity to own our building and own the land," since the cottage and underlying property are currently owned by the municipality. Rupp noted that Griffin's company will finance the relocation while also purchasing the lot, though the final destination for the cottage has not yet been determined. The trust views the arrangement as advantageous, converting its current leasehold arrangement into direct ownership.
Griffin's real estate consolidation in Brickell accelerated following Citadel's 2022 announcement of its relocation from Chicago to Miami. The Miami Herald has reported that the billionaire has invested approximately $700 million in Brickell properties over the past four years, establishing a dominant real estate footprint in the neighborhood that extends well beyond his corporate headquarters requirements. This comprehensive portfolio positioning provides operational, strategic, and potential development leverage across a concentrated geographic area.
The property at 190 Southeast 12th Terrace is currently owned by the city and occupied by a historic 121-year-old cottage that served as the original office of Dr. James Jackson, Miami's first physician. The structure now houses the headquarters of the Dade Heritage Trust, a preservation organization. As part of a companion agreement, Griffin has committed to fund the relocation and preservation of the cottage, though this arrangement requires separate approval from Miami's Historic and Environmental Preservation Board.
The Dade Heritage Trust has endorsed the transaction. Christine Rupp, the organization's executive director, told Forbes the sale represents "an amazing opportunity to own our building and own the land," since the cottage and underlying property are currently owned by the municipality. Rupp noted that Griffin's company will finance the relocation while also purchasing the lot, though the final destination for the cottage has not yet been determined. The trust views the arrangement as advantageous, converting its current leasehold arrangement into direct ownership.
Griffin's real estate consolidation in Brickell accelerated following Citadel's 2022 announcement of its relocation from Chicago to Miami. The Miami Herald has reported that the billionaire has invested approximately $700 million in Brickell properties over the past four years, establishing a dominant real estate footprint in the neighborhood that extends well beyond his corporate headquarters requirements. This comprehensive portfolio positioning provides operational, strategic, and potential development leverage across a concentrated geographic area.
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