Microsoft, Citadel And Elliott Management Among Firms Expanding In South Florida

Microsoft, Citadel and Elliott Management are all in talks to lease office space in South Florida, adding fuel to the trend of major tech and finance firms expanding in the region.

Seattle-based Microsoft is reportedly in talks to lease 30,000 square feet at 830 Brickell, a 57-story office tower being developed by Vlad Doronin and his joint venture partner Cain International, according to Business Insider.

Billionaire Ken Griffin’s Chicago-based hedge fund Citadel is also eyeing 830 Brickell, and is on the hunt for up to 80,000 square feet in Miami. Griffin has been acquiring land on Miami Beach’s Star Island, and his Citadel Securities has been operating a temporary trading room in Palm Beach since the pandemic began.

Baker McKenzie is also in talks for space at 830 Brickell, according to Business Insider.

MSD Partners, the private investment firm of Dell Technologies billionaire Michael Dell, provided a $300 million loan to construct 830 Brickell in 2019. WeWork was announced as an anchor tenant, though it’s unclear whether the co-working operator will still be a tenant. When it is completed in 2022, the building will mark the first new large Class A office tower in the downtown Miami market in the last decade.

Elliott Management, the hedge fund founded by Paul Singer, is expected to sign a 40,000-square-foot lease at Related Companies’ 360 Rosemary office tower in downtown West Palm Beach. (Related is expected to close on the nearby Phillips Point office towers for $282 million.) Elliott Management has been looking in the market for months, the Palm Beach Post reported.

New Day USA, a mortgage company based in Maryland, is also reportedly finalizing a lease for about 50,000 square feet in the same building as Elliott Management.

Blackstone Group announced earlier this year that it is taking 41,000 square feet at 2MiamiCentral, an office building at the mixed-use MiamiCentral development, anchored by Brightline.

Virtu Financial plans to sign a 10-year lease in Palm Beach Gardens to relocate about 30 people from New York, Bloomberg previously reported.

 

Source: The Real Deal