Ken Griffin’s Park Tower penthouse is back on the market after a buyer’s contract collapsed, putting one of the Magnificent Mile’s splashiest listings right back in Chicago’s luxury mix. The 67th-floor unit, the last of the billionaire’s downtown properties that had been publicly listed, briefly went under contract late last year before the deal fell apart. The relisting is the latest wrinkle in Griffin’s multi‑year selloff of Chicago homes after he moved his family and parts of Citadel to Florida.
As reported by Crain’s Chicago Business, the listing was returned to active status on March 24 after the earlier offer “fizzled.” Reporter Dennis Rodkin notes that the condo crowns Park Tower at 800 N. Michigan Ave., a perch that puts it squarely in trophy territory.
Bloomberg reported in December that the 67th-floor penthouse had gone under contract at a reduced asking price of $12.5 million after a prior price cut, suggesting there was legitimate buyer interest at that lower level. At the time, that pending deal was framed as the likely capstone to Griffin’s downtown exit. The fact that the contract ultimately collapsed is a reminder that even headline properties can hit some turbulence in the current high‑end market.
Griffin’s Sell‑Off And Who Stepped In
Griffin has already moved a string of high‑end Chicago properties in recent years. Crain’s reported that other condos from his portfolio sold to buyers such as Medline chairman Charlie Mills, and that some of those deals left Griffin with notable losses. Those sales, including earlier transactions at Park Tower and at No. 9 West Walton, have gradually whittled his local holdings down to this single marquee unit. Brokers say the way this property ultimately trades will be watched closely as a test of just how much appetite remains at the very top of Chicago’s condo market.
What The Relisting Says About The Market
Industry coverage has pointed to a set of stubborn headwinds for Chicago’s luxury condo sector, from lingering safety concerns to longer‑term shifts such as remote work. Those are among the factors Bloomberg and others have cited as keeping some high‑end buyers on the sidelines. The city has also watched Citadel reduce its Chicago footprint and make a highly publicized office move, a trend the Chicago Tribune has documented and that helps explain why even trophy listings can prove fragile. Taken together, those forces help clarify how a deal that looked promising in December has resurfaced as an active listing this spring…