Key Takeaways
- • Ken Griffin's Citadel is acquiring a historic 121-year-old cottage at 190 Southeast 12th Terrace in Brickell for $2.98 million, completing his full-block real estate portfolio adjacent to the hedge fund's future global headquarters at 1201 Brickell Bay Drive.
- • The property, built in 1905 and listed on the National Register of Historic Places, formerly served as the office and surgical center of Dr. James M. Jackson, Miami's first resident physician, and currently houses the headquarters of the Dade Heritage Trust nonprofit (on lease since 2022).
- • Griffin has already purchased all 22-story Solaris condominium units on the adjacent property (slated for demolition) and secured the 2.5-acre waterfront site at 1201 Brickell Bay Drive for $363 million in 2022, positioning this cottage acquisition as the final missing piece of the city block.
- • As a condition of sale, Griffin's affiliated LLC will assume all landlord obligations and honor the existing Dade Heritage Trust lease, with Citadel committing to a long-term preservation plan for the historic structure in coordination with the nonprofit and City of Miami.
- • Miami city commissioners approved the $2.98 million transaction, marking a strategic consolidation of Brickell waterfront real estate as Citadel proceeds with relocation of its global headquarters from Chicago to Miami.
Summary
Billionaire hedge fund founder Ken Griffin is completing a methodical acquisition of an entire Brickell city block with the purchase of a 121-year-old historic cottage for $2.98 million. The property at 190 Southeast 12th Terrace—a white wood-frame structure built in 1905 and currently owned by the City of Miami—represents the final missing piece of Griffin's contiguous real estate holdings in the area surrounding Citadel's future global headquarters at 1201 Brickell Bay Drive.
The historic cottage occupies 6,000 square feet of land with the cottage itself comprising 1,800 square feet. The structure is listed on the National Register of Historic Places due to its significance as the former office and surgical center of Dr. James M. Jackson, who arrived in Miami in 1896 and became the city's first resident physician. Currently, the property serves as the headquarters of the Dade Heritage Trust, a nonprofit organization that has leased the building since 2022 under a 10-year lease with a five-year renewal option approved by Miami city commission in 2021.
Griffin has systematically assembled this Brickell portfolio over several years. In 2022, he acquired the 2.5-acre waterfront site at 1201 Brickell Bay Drive for $363 million—a record-breaking land purchase for the area. Subsequently, Griffin purchased all units of the adjacent 22-story Solaris condominium building, which he plans to demolish for future development. The cottage acquisition closes the final gap in his contiguous city block holdings.
As a condition of the sale, Griffin's affiliated LLC will assume full landlord obligations and continue honoring the existing Dade Heritage Trust lease through its term. A Citadel spokesperson confirmed the company is in active discussions with both the Dade Heritage Trust and the City of Miami regarding a comprehensive long-term preservation plan for the historic structure. This arrangement ensures continuity for the nonprofit while integrating the property into Griffin's broader Brickell development vision as Citadel completes its relocation from Chicago, where the hedge fund maintained its headquarters for nearly three decades before the move to Miami.
The historic cottage occupies 6,000 square feet of land with the cottage itself comprising 1,800 square feet. The structure is listed on the National Register of Historic Places due to its significance as the former office and surgical center of Dr. James M. Jackson, who arrived in Miami in 1896 and became the city's first resident physician. Currently, the property serves as the headquarters of the Dade Heritage Trust, a nonprofit organization that has leased the building since 2022 under a 10-year lease with a five-year renewal option approved by Miami city commission in 2021.
Griffin has systematically assembled this Brickell portfolio over several years. In 2022, he acquired the 2.5-acre waterfront site at 1201 Brickell Bay Drive for $363 million—a record-breaking land purchase for the area. Subsequently, Griffin purchased all units of the adjacent 22-story Solaris condominium building, which he plans to demolish for future development. The cottage acquisition closes the final gap in his contiguous city block holdings.
As a condition of the sale, Griffin's affiliated LLC will assume full landlord obligations and continue honoring the existing Dade Heritage Trust lease through its term. A Citadel spokesperson confirmed the company is in active discussions with both the Dade Heritage Trust and the City of Miami regarding a comprehensive long-term preservation plan for the historic structure. This arrangement ensures continuity for the nonprofit while integrating the property into Griffin's broader Brickell development vision as Citadel completes its relocation from Chicago, where the hedge fund maintained its headquarters for nearly three decades before the move to Miami.
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