What's Happening?
Charlie Mills, the chairman and former CEO of Medline Industries, purchased a condo from billionaire Ken Griffin for $7.4 million. The unit, located on the 35th floor of the Gold Coast building at 9 W. Walton Street, was originally bought by Griffin in 2017 for $12.5 million. Griffin had listed the condo for $14 million in 2022 but eventually sold it off-market in April 2025. Mills plans to invest an additional $2.75 million to renovate the space, as indicated by a building permit filed with the city. The renovation will be managed by architect Michael Waechter and contractor Wujcik Construction. This transaction is part of a series of sales by Griffin, who has been divesting his Chicago real estate holdings following his decision to relocate
to Florida.
Why It's Important?
This sale highlights the ongoing trend of high-profile real estate transactions in Chicago's luxury market. Ken Griffin's decision to sell his properties at a loss reflects broader economic shifts and personal strategic moves, such as his relocation to Florida. For Charlie Mills, the acquisition and planned renovation signify a significant personal investment and confidence in the Chicago real estate market. The involvement of prominent figures like Mills and Illinois Governor JB Pritzker, who also purchased property in the same building, underscores the building's status as a desirable location for affluent buyers. These transactions may influence market perceptions and valuations in the Gold Coast area.
What's Next?
Charlie Mills is expected to proceed with the renovation of his newly acquired condo, which could set a precedent for future developments in the building. The ongoing interest from high-profile buyers may attract further investments and renovations in the area, potentially boosting the local real estate market. Additionally, Ken Griffin's continued divestment from Chicago properties might lead to more opportunities for buyers seeking luxury real estate in the city. Observers will be watching to see if other affluent individuals follow Griffin's lead in relocating or if they choose to invest in Chicago's luxury market.
