Ken Griffin, founder of multi-strategy hedge fund major Citadel, is selling a Palm Beach property at 151 Worth Avenue, which previously housed a Neiman Marcus outpost, for approximately $81m, according to a report by Bloomberg citing the buyer, TZ Capital.
Griffin purchased the property three years ago intending to use it as an office. TZ Capital, founded in 2023, focuses on real estate equity and debt investments in Florida, New York, and Colorado, and owns 680 Madison Avenue in Manhattan.
The firm has enlisted Newmark Group Inc and Matt Seigel of Lantern Real Estate to manage leasing for the building.
