Brazilian hedge fund opens first U.S. office on Brickell

Miami /
Jul.July 18, 2016 03:00 PM

UPDATED July 18 5:09 p.m.: Brazilian hedge fund Leste Capital Management has opened its first-ever U.S. location in Miami’s famed financial district: Brickell.

The fund has taken 2,000 square feet at the Brickell Arch building, formerly known as the Espirito Santo Plaza. According to a news release from the Downtown Development Authority, which assisted Leste in its search for office space, the company’s new location will start out with eight full-time traders plus two part-time employees over the next 12 months. Its lease term is five years.

“Miami was the natural choice when deciding to open an office in the U.S., not only for its proximity to Latin America and multicultural appeal but also for its burgeoning financial sector,” Stephan de Sabrit, managing partner of Leste, said in the release.

The company declined to disclose its lease rate, but data from the CoStar Group shows annual asking rents at the building typically range from $43 per square foot to $63.36 per square foot. The 36-story tower boasts an all-glass facade and 267,888 square feet of leasable space, nearly 97 percent of which is currently occupied. The building, located at 1395 Brickell Avenue, last sold in September to the Gaedeke Group for $142 million. Other tenants include Quest Workspaces, Brickell Bank and the Consulate General of France.

Leste is a relatively young company, founded two years ago by veteran financial executive Emmanuel Hermann in Rio de Janeiro. According to its website, the firm’s focus is split into four sectors: liquid asset management, debt, real estate and private equity. Its real estate arm owns roughly $250 million worth of assets in Brazil, where Leste has 60 employees spread across its three offices. — Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Ken Griffin, Development
“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami
“We’re not sort of in — we’re all in:” A look at Ken Griffin’s plans to reshape Miami
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
Grand Peaks Properties' Luke Simpson and Nick Simpson; renderings of the proposed Empire Brickell project (Corwil Architects, Grand Peaks Properties, Getty)
Grand Peaks proposes 26-story apartment tower in Brickell
Grand Peaks proposes 26-story apartment tower in Brickell
Ken Griffin and Adrienne Arsht with 3031 Brickell Ave (Getty, Atlantic Council, Oak Studios)
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Adrienne Arsht and the Coconut Grove estate (Arsht via Naomi.cherenson, CC BY-SA 4.0, via Wikimedia Commons, 3031 and 3115 Brickell Avenue photos provided by 1 Oak Studios)
Adrienne Arsht’s Coconut Grove estate sells for record $107M
Adrienne Arsht’s Coconut Grove estate sells for record $107M
Empira’s Rafael Aregger with 3025 and 3051 Southwest Third Avenue (LinkedIn, Revuelta Architecture International)
Swiss developer debuts in Miami with multifamily project
Swiss developer debuts in Miami with multifamily project
A rendering of the 830 Brickell office tower in Brickell, Miami and Vlad Doronin of OKO Group and Jonathan Goldstein of Cain International (OKO Group, Cain International)
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...