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Ken Griffin sells a Palm Beach retail and office building to Blackstone
The $86M sale of 125 Worth Ave. comes slightly above the $83M Griffin paid in 2023, and the property lists Truist Bank and Ferretti Group among its tenants.
Ken Griffin is selling a commercial retail and office building on Worth Avenue in Palm Beach to Blackstone, according to Bisnow. The planned purchase price is $86M for the 49,000-square-foot property at 125 Worth Ave., located on one of the area’s main luxury shopping and dining corridors.
Bisnow reports that the deal marks a modest gain for Griffin, with the sale price only slightly above the $83M he paid for the three-story, 52-year-old building in 2023, based on property records provided by Vizzda.
The property has ground-floor tenants including Truist Bank and yacht brokerage Ferretti Group, Bisnow said. Blackstone said it sees continuing strength in high-street retail and described Palm Beach as a top-performing luxury retail market in North America.
The report also notes that Palm Beach retail has a vacancy rate below 1% and the county’s highest rent near $92 per square foot, per a Cushman & Wakefield report. Bisnow added that investment sales in Palm Beach County reached $690M through the first half of the year, and that demand is expected to stay strong.