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Citadel Acquires Palm Beach Office Building On Worth Avenue For $83M

Property Image
SOLD
$83,000,000
Ken Griffin
GB

Florida

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Mixed-use49,401 SF
Sold 07/17/2023
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Property Image
SOLD

Citadel Acquires Palm Beach Office Building On Worth Avenue For $83M

125 Worth Ave Palm Beach, FL 33480, USA

See Similar Deals
Mixed-use49,401 SF
Sold 07/17/2023
Ken Griffin
GB
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$1,680
Total Square Footage:49,401 SF
Transaction Type:Sale

A mixed-use property located at 125 Worth Avenue in Palm Beach has been sold for a total of $83 million. The property spans across 0.79 acres and features a total of 49,401 square feet. The sale price per square foot stands at $1,680, indicating the value of the property in the market. The transaction took place on July 17, 2023.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $83,000,000
  • Address: 125 Worth Avenue, Palm Beach
  • Market: Palm Beach
  • Acres: 0.79

The buyer of the property is Citadel, represented by Ken Griffin and Gerald Beeson. On the other hand, Dreyfuss Management, with JR Schuble, and the Frisbie Group acted as the sellers. This transaction signifies the increasing value of office buildings in Palm Beach, driven by rising office rents and the island's appeal to affluent individuals. Notably, Ken Griffin's affiliation with Citadel hedge fund played a role in the acquisition of this Palm Beach property.

Players

Ken Griffin
Citadel
Ken Griffin
19 deals$993M volume
BUYER
GB
Citadel
Gerald Beeson
2 deals$103M volume
BUYER
FG
Frisbie Group
SELLER
DM
Dreyfuss Management
SELLER

Details

SOLD
IMAGE: Gerald Beeson & Ken Griffin DATE: 07/17/2023 ADDRESS: 125 Worth Avenue MARKET: Palm Beach ASSET TYPE: Mixed-use ~ ACRES: 0.79 BUYER: Citadel (@Citadel) - Ken Griffin (@Ken.C.Griffin) & Gerald Beeson SELLER: Dreyfuss Management - JR Schuble; Frisbie Group (@FrisbieGroup) SALE PRICE: $83,000,000 SF: 49,401 ~ PPSF: $1,680 NOTE: Billionaire Ken Griffin's company, affiliated with Citadel hedge fund, has acquired a Palm Beach office building on Worth Avenue for $83 million. The surge in office rents and the island's allure to the wealthy drove up the building's value since its last sale in 2017.

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