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Blackstone agrees to buy Ken Griffin’s 125 Worth Avenue for $86M

The all-cash deal values the three-story office and retail building at $86 million, with Blackstone Real Estate planning renovations to upgrade both uses.

Reported · Written up by our desk · Industry

Blackstone Real Estate has agreed to acquire Ken Griffin’s 125 Worth Avenue property in Palm Beach, Florida, for $86 million in an all-cash deal, Commercial Observer reports.

The transaction covers a three-story office and retail building that has roughly 50,000 square feet, and Griffin has owned the asset since 2023. The outlet also notes Griffin previously bought the property for $83 million in 2023.

Commercial Observer reports that Blackstone principal Elena Clarfield said high-street retail remains supported by strong fundamentals, and that Palm Beach is among the top luxury retail markets in North America.

The article says Blackstone now intends to renovate the property, upgrading its retail and office components, and it frames the deal as part of Blackstone’s broader high street retail strategy. It also notes Griffin has been disposing of Worth Avenue assets, including a sale in the prior year to the family of Steven Tananbaum, and that construction has begun on Griffin’s 54-story office skyscraper in Miami’s Brickell district.

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