Ken Griffin is reportedly buying a $180M Miami office building in Wynwood
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Hedge fund billionaire Ken Griffin appears to be expanding his business presence in Miami, adding to his already large real estate portfolio.
Citadel Founders has partnered with Goldman Properties to purchase the 545Wyn office building for $180 million from Chicago-based developer Sterling Bay, according to the South Florida Business Journal.
Unidentified sources close to the deal told the company that Griffin is a partner in the purchase, although the listed buyer is Goldman Properties CEO Scott Srebnick.
Neither Citadel nor Goldman Properties immediately responded to Fox News Digital’s request for confirmation or comment.
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Two real estate agents in Miami told Fox News Digital that the move appears to be bold and unlikely to be a one-off purchase, but the start of a major land grab for Wynwood.
Sources told the South Florida Business Journal that Citadel founder Ken Griffin was part of the $180 million Wynwood office purchase. (Sterling Bay/Getty Images)
“This looks more strategic than practical. Brickell is about scale and visibility – Wynwood is about flexibility and culture,” said Mick Duchon of the Corcoran Group. “Creative Office [space] it attracts a diverse workforce and a mix of employers. Managing both allows combining asset classes while controlling the environment around where talent wants to work. “
“Given past track records, it’s unlikely to be a one-off. It usually marks the beginning of a long-term vision rather than a single project,” added Douglas Elliman’s Lourdes Alatriste. “The endgame is balanced. This portfolio touches on luxury living, global business and cultural innovation. It shows a belief in Miami not only as an investment destination, but as a city with many centers of gravity, each serving a different purpose but reinforcing the whole.”
Located at 545 NW 26th Street in Miami’s Wynwood neighborhood, the 10-story building occupies approximately 400,000 square feet, according to the website of former leasing developer Blanca Commercial Real Estate.
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Wynwood has been a technology and creative hub in Miami, and the deal will mark Griffin’s first foray into the area after spending hundreds of millions of dollars on properties in Star Island, Coconut Grove and Palm Beach.
“When an investor of his caliber enters the area, underwriting assumptions change rapidly, cap rates are compressed, land prices restructure, and the long-term institutional head feels safe to enter. For Wynwood, this is not a temporary spike; a structural rebalancing of the region,” notes Duchon.
“Wynwood needed time to mature beyond its creative roots. Brickell provided early certainty, such as financial infrastructure, geographic clarity and scale. Wynwood today is different,” Alatriste said. “It is stable, proven by the demand for high-quality offices, and has become a place where people want to spend time, not just work. Time shows confidence that Wynwood has fully arrived.”
Citadel’s Ken Griffin comments on the second day of the FII PRIORITY Summit on February 20, 2025, in Miami Beach, Florida. | Getty Images
“Wynwood is the second most expensive office market in Miami after Brickell, according to last year’s report from CRE Daily. Real estate prices are set by the real demand for mixed use and the neighborhood’s ability to serve as a true daily center and not just a weekend destination,” ALP.X Group founder Sebastian Lüdke – who works with Goldman Global Arts – told Fox News Digital. “This transaction is just the latest example of the opportunity Wynwood offers to investors in the greater Miami market.”
Citadel also began construction on its new 1.2 million-square-foot global headquarters tower in Miami’s financial district at Brickell but currently has a short-term lease at 830 Brickell Plaza, according to the company’s website.
Griffin moved his hedge fund from Chicago to Miami in 2022, and he recently opened up about what led to that decision during an appearance at the America Business Forum in November.
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“I lived in a failed city. I lived in Chicago for 30 years. I had two colleagues who had bullets flying in their cars,” Griffin told Fox News’ Bret Baier.
“I had 25 bullet holes in the front of my apartment building. You can’t live in a city full of water. [with] violent crime,” he continued.
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