Key Takeaways
- • Ken Griffin sold a three-story commercial building at 125 Worth Avenue in Palm Beach for approximately $80–$86 million, with the transaction involving Blackstone and L3 Capital as buyers.
- • The 50,017-square-foot building, completed in 1974, features office and retail space above ground level with an underground parking garage, representing a prime oceanfront location on Worth Avenue's ocean block.
- • This sale follows Griffin's prior divestment of an adjacent Worth Avenue property sold for $80.5 million, indicating a strategic shift toward liquidating commercial real estate holdings in the area.
- • Blackstone Real Estate confirmed strong luxury retail fundamentals in Palm Beach, describing it as "one of the highest performing luxury retail markets in North America," validating the premium valuation.
- • No deed had been recorded with the Palm Beach County Clerk's office as of the afternoon of August 12, 2026, suggesting the transaction was still in final processing stages.
Summary
Citadel founder and billionaire Ken Griffin has divested a prime commercial asset in Palm Beach, selling the three-story building at 125 Worth Avenue for a reported sale price reaching as much as $86 million. According to multiple sources familiar with the transaction, the buyer's consortium includes L3 Capital, a real estate investment firm, and an entity affiliated with Stephen Schwarzman's Blackstone, one of the world's largest alternative asset managers.
The property represents a significant oceanfront holding on Worth Avenue's ocean block, with 50,017 square feet of mixed-use space. The building, completed in 1974, comprises office and retail storefronts above ground level, complemented by an underground parking garage—a valuable amenity in the densely developed Palm Beach market. Elena Clarfield, principal at Blackstone Real Estate, issued a statement on August 12 affirming that "high-street retail continues to experience strong fundamentals, and Palm Beach represents one of the highest performing luxury retail markets in North America," underscoring the rationale for the acquisition at this valuation level.
The sale follows Griffin's prior disposition of an adjacent Worth Avenue property, which sold for $80.5 million, suggesting a deliberate strategy to reduce his commercial real estate exposure in the area. While representatives for Griffin and L3 Capital declined immediate comment, the transaction marks a notable reallocation of capital by one of finance's most prominent real estate investors. As of mid-afternoon August 12, no deed had been recorded with the Palm Beach County Clerk's office, indicating the transaction was in final documentation and recordation stages.
The property represents a significant oceanfront holding on Worth Avenue's ocean block, with 50,017 square feet of mixed-use space. The building, completed in 1974, comprises office and retail storefronts above ground level, complemented by an underground parking garage—a valuable amenity in the densely developed Palm Beach market. Elena Clarfield, principal at Blackstone Real Estate, issued a statement on August 12 affirming that "high-street retail continues to experience strong fundamentals, and Palm Beach represents one of the highest performing luxury retail markets in North America," underscoring the rationale for the acquisition at this valuation level.
The sale follows Griffin's prior disposition of an adjacent Worth Avenue property, which sold for $80.5 million, suggesting a deliberate strategy to reduce his commercial real estate exposure in the area. While representatives for Griffin and L3 Capital declined immediate comment, the transaction marks a notable reallocation of capital by one of finance's most prominent real estate investors. As of mid-afternoon August 12, no deed had been recorded with the Palm Beach County Clerk's office, indicating the transaction was in final documentation and recordation stages.
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