Billionaire Citadel founder Ken Griffin is expanding his Miami real estate holdings into the city's buzzy arts district.
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Griffin and Miami-based Goldman Properties struck a deal to acquire 545wyn, a 10-story Wynwood office building, for $180M, the South Florida Business Journal reported.
Goldman Properties, led by Scott Srebnick, will manage the building, while Griffin provided the bulk of the capital for the deal, the SFBJ reported, citing two unnamed sources.
Griffin and Citadel previously spent more than $500M assembling land for the company's upcoming headquarters in Brickell, planned to be the tallest office building in Florida.
The billionaire's latest acquisition, a 298K SF office building at 545 NW 26th St., was sold by Chicago-based Sterling Bay, which Griffin initially tapped to develop the Brickell tower before dropping the firm from the project.
Sterling Bay bought the land for 545wyn from Goldman Properties in 2018, then developed the building in 2020. It includes an 18K SF private outdoor amenity deck, a 14K SF tenant amenity floor, an indoor-outdoor tenant lounge and covered parking for 441 cars, according to Goldman’s website.
Tenants in the building include PwC; Sony Music, which signed a 45K SF lease in 2023; and cryptocurrency firm Gemini, backed by billionaire twins Tyler and Cameron Winklevoss, which signed a 9K SF lease in April.
Citadel, Goldman and Sterling Bay didn't respond to requests for comment.
Eastdil Secured brokered the sale, the SFBJ reported. A spokesperson for the firm declined to comment.
Wynwood's office market has gained traction in recent years as new buildings have delivered and drawn a range of tech and media tenants. It boasts one of Miami's highest rents per SF at $80.15, according to a fourth-quarter Savills report.
Amazon signed Wynwood's largest office lease at Wynwood Plaza last year, less than a mile from 545wyn.
Goldman Properties founder Tony Goldman, Srebnick’s father-in-law, is credited with turning the formerly low-slung industrial neighborhood into one of the coolest in the country, thanks to its abundance of eye-catching street art.
The company also owns Wynwood Kitchen and Bar, Joey's Restaurant and the Wynwood Garage.
Citadel secured final approval last month to build its 54-story Miami office tower, which is projected to cost $2.5B and incorporate a hotel, retail and office space that would be leased to other companies.
Griffin has been an active presence in Miami's real estate scene since he announced during the pandemic that he would move his hedge fund from Chicago, where it was founded.
His company occupies six floors at 830 Brickell for its HQ and is developing a private superyacht marina in Miami Beach, with space for six yachts and a club with pools, pickleball, a gym, a sauna and facilities for the crew. He also spent nearly $200M combined on homes in Coconut Grove and Star Island.
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