Citadel Billionaire Griffin Sells Worth Avenue Building in Palm Beach, Fla.
By Julia Echikson November 14, 2025 4:25 pm
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Billionaire Ken Griffin is trimming his commercial real estate portfolio in South Florida by selling a property in the famed Worth Avenue shopping district in Palm Beach, Fla.
The family of GoldenTree Asset Management financier Steven Tananbaum paid $80.5 million for the three-story building at 151 Worth Avenue, the buyer announced. The 48,578-square-foot property housed a Neiman Marcus department store before it closed in 2020 and has since remained mostly vacant.
Griffin, who founded both hedge fund Citadel and market maker Citadel Securities, purchased the asset for $78 million in 2022, according to property records. The mogul, whose estimated net worth is nearly $50 billion, still owns the commercial building next door at 125 Worth Avenue, which he bought for $83 million in 2023.
The Tananbaums plan to renovate their newly acquired building, sign new retail tenants, and add covered valet parking. They acquired the asset through the family office of billionaire Steven Tananbaum and TZ Capital, the investment firm of his two sons, Tyler and Teddy Tananbaum, who both live in Palm Beach, one of the wealthiest towns in the country. Sam Zuckert is also a managing partner of TZ Capital.
In other Tananbaum deals, GoldenTree and TZ Capital provided some of the $600 million debt package for billionaire developer Stephen Ross to build a luxury condo complex across the Intracoastal Waterway in West Palm Beach.
Last year, TZ Capital purchased the ground-floor retail space at 680 Madison Avenue in New York for $180 million, which is leased to high-luxury fashion brands Tom Ford, Brioni and Oscar de la Renta.
In Miami, Griffin is developing a $2.5 billion, mixed-use tower, where his two companies will be based, which is expected to break ground next year. This month, Miami Beach officials approved plans for him to build a private yacht marina.
A representative for Griffin confirmed the Worth Avenue sale to the Palm Beach Daily News.
Update: The story was updated to include Sam Zuckert as a managing partner of TZ Capital.
Julia Echikson can be reached at jechikson@commercialobserver.com.
