Billionaire Citadel founder Ken Griffin is selling a prime strip of Palm Beach’s Worth Avenue for $80.5 million, three years after buying it for $78 million.
Sources confirmed the buyer of the 48,600-square-foot building at 151 Worth Avenue is TZ Capital, a West Palm Beach-based real estate investment firm led by Sam Zuckert, Tyler Tananbaum and Teddy Tananbaum.
The sale is expected to close Monday, a source close to the deal confirmed. TZ Capital plans an extensive renovation of vacant retail spaces and is aiming for boutique retailer tenants. A source close to the firm also confirmed the building’s underground parking will be reopened with valet services.
The Tananbaums are the sons of Steven A. Tananbaum, the founder of the New York-based hedge fund GoldenTree Asset Management. In June, GoldenTree and TZ Capital teamed up with Bank OZK to provide $600 million in financing for Steve Ross’ planned South Flagler House condo project in West Palm Beach.
The Worth Avenue complex was the longtime home of Neiman Marcus, until the retailer shuttered in 2020 amid pandemic difficulties, according to published reports. Griffin bought the complex from O’Connor Capital Partners for $78 million in 2022. The building was built in 2000, less than a block away from the beach and the Worth Avenue clock tower.
Griffin’s other Palm Beach holdings include the adjacent office building at 125 Worth Avenue, which he bought for $83 million in 2023, and a 17.7-acre residential assemblage on South Ocean Boulevard that he spent at least $350 million to acquire. He is building a residential compound on the property that will include a 20,000-plus-square-foot mansion for his mother.
The trade follows Palm Beach’s last department store, Saks Fifth Avenue, closing its doors across the street at the Esplanade at 150 Worth Avenue in April. Records show O’Connor Capital Partners bought the 2-acre complex for $104 million in 2014. In April, the firm announced plans to redevelop the 50,000-square-foot Saks space with design firm Fairfax & Sammons Architecture, according to a press release.
