Key Takeaways
- • Ken Griffin is acquiring the historic Dr. James M. Jackson office building in Miami's Brickell district for $2.98 million through an LLC affiliate, pending Miami city commissioners' approval of the sale next week.
- • The 1905 cottage at 190 Southeast 12th Terrace (1,800 sq ft on a 6,000 sq ft lot) is listed on the National Register of Historic Places and currently leased to the Dade Heritage Trust; Griffin would assume landlord obligations under the existing lease as a condition of purchase.
- • This acquisition completes Griffin's consolidation of an entire city block in Brickell, positioning the property directly across from Citadel's future headquarters and serving as the final missing piece of his multi-property development footprint.
- • Griffin's broader Brickell strategy includes the $125 million acquisition of all 138 condo units in the 22-story Solaris tower (slated for demolition), purchase of office space behind the condo building, and land acquisition on Brickell Bay Drive for future office development—collectively spanning two full city blocks.
- • The acquisition demonstrates Griffin's sustained commitment to Miami real estate and strategic land consolidation near Citadel's planned headquarters, signaling potential large-scale mixed-use or commercial redevelopment plans.
Summary
Citadel founder and CEO Ken Griffin is poised to acquire one of Brickell's oldest and most historically significant properties—a white wood-frame cottage built in 1905 that served as the office and surgical center of Dr. James M. Jackson, Miami's first resident physician. Miami city commissioners will vote next week on the $2.98 million sale of the property at 190 Southeast 12th Terrace, which is listed on the National Register of Historic Places and currently operates as the Dade Heritage Trust visitors center.
The 1,800 square-foot cottage sits on a 6,000 square-foot lot directly across from where Citadel plans to establish its headquarters. According to city documents, Dade Heritage Trust executed a lease in 2022, and as a condition of Griffin's purchase, he would be required to maintain the existing lease and assume all landlord obligations following closing. The city's original proposal for a 90-year lease was scaled back in 2021 to a 10-year term with a five-year renewal option.
This historic property represents the final missing piece of Griffin's near-total acquisition of an entire Brickell city block. In a parallel transaction, Griffin paid approximately $125 million to acquire all 138 condo units in the adjacent 22-story Solaris tower, which he has indicated he will demolish. Additionally, Griffin purchased office space in a building directly behind the residential tower and has acquired land on Brickell Bay Drive designated for future office development. Collectively, these properties provide Griffin control over a footprint spanning two complete city blocks in Miami's financial district.
The transaction pattern reflects Griffin's aggressive real estate consolidation strategy in Miami and his deepening commitment to the city, distinct from a traditional headquarters relocation. The combination of residential demolition rights, historic property preservation, and office development acreage suggests a long-term mixed-use or institutional development plan rather than conventional occupancy. The Dade Heritage Trust lease assumption indicates Griffin's willingness to navigate historic preservation requirements as part of his broader Brickell strategy.
The 1,800 square-foot cottage sits on a 6,000 square-foot lot directly across from where Citadel plans to establish its headquarters. According to city documents, Dade Heritage Trust executed a lease in 2022, and as a condition of Griffin's purchase, he would be required to maintain the existing lease and assume all landlord obligations following closing. The city's original proposal for a 90-year lease was scaled back in 2021 to a 10-year term with a five-year renewal option.
This historic property represents the final missing piece of Griffin's near-total acquisition of an entire Brickell city block. In a parallel transaction, Griffin paid approximately $125 million to acquire all 138 condo units in the adjacent 22-story Solaris tower, which he has indicated he will demolish. Additionally, Griffin purchased office space in a building directly behind the residential tower and has acquired land on Brickell Bay Drive designated for future office development. Collectively, these properties provide Griffin control over a footprint spanning two complete city blocks in Miami's financial district.
The transaction pattern reflects Griffin's aggressive real estate consolidation strategy in Miami and his deepening commitment to the city, distinct from a traditional headquarters relocation. The combination of residential demolition rights, historic property preservation, and office development acreage suggests a long-term mixed-use or institutional development plan rather than conventional occupancy. The Dade Heritage Trust lease assumption indicates Griffin's willingness to navigate historic preservation requirements as part of his broader Brickell strategy.
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