Goodbye, LA: Barrack’s Colony packs bags for Boca Raton

REIT is latest to move HQ south, but keeps outpost in SoCal

National /
Jan.January 06, 2021 11:30 AM
Colony Capital chairman Tom Barrack (Getty, iStock)

Colony Capital chairman Tom Barrack (Getty, iStock)

Tom Barrack has relocated Colony Capital’s corporate headquarters to Florida from Los Angeles.

The real estate investment trust moved to Boca Raton Jan. 1, according to Bloomberg. The decision brings the main office to the home turf of its CEO, Marc Ganzi.

Still, the company plans to keep its L.A. location to “support its investment and corporate operations,” according to a statement to the news site. Colony’s digital infrastructure operation has been based in Boca for more than 10 years.

Companies seem to have increasingly been eyeing Florida and certain other parts of the country since the pandemic struck.

Goldman Sachs Group is considering moving its asset management division to South Florida, and Hewlett Packard Enterprise has abandoned Silicon Valley for Texas. CBRE has shifted its headquarters from LA to Dallas, and Oracle last month announced it would move from Silicon Valley to Austin, Texas.

Colony Capital has had a rough time since the coronavirus crushed the travel and hospitality industries in the early spring.

[Bloomberg] — Sasha Jones


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