Is Big Tech here to stay?
Venture capital firms Founders Fund and Atomic and e-commerce company OpenStore signed leases for more than 22,000 square feet in Wynwood, while SoftBank and Microsoft are reportedly looking to expand their presence in Miami.
Silicon Valley’s Founders Fund, which took a temporary space in Brickell earlier this year, is leasing the eighth floor at Wynwood Annex, a Class A office building in the trendy Miami neighborhood, according to Tony Arellano of Dwntwn Realty Advisors, who represented the landlord. Atomic, Jack Abraham’s venture capital firm that has funded companies including Bungalow and Hims & Hers, signed a lease for the entire seventh floor and part of the fourth floor, and OpenStore is taking the larger portion of the fourth floor, Arellano said.
The announcements were made as Miami Mayor Francis continues his campaign to bring more tech firms to the Magic City. In a release, Suarez said the city is on its way “to becoming the capitol of capital.” The Wall Street Journal first reported the news.
Dwntwn Realty Advisors’ David Lerner also represented the landlord in the leases, and JLL’s Matthew Goodman, Adam Bernstein and Jeff Gordon represented the tenants.
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Related Group and East End Capital completed Wynwood Annex, a 65,000-square-foot office building at 215 Northwest 24th Street, about three years ago.
In recent years, big name tenants such as Spotify and Live Nation have signed leases in Wynwood. Apple Music, Google, Dentsu and other creative marketing agencies have also been looking for space in the market.
Business Insider reported earlier this year that Seattle-based Microsoft is 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. SoftBank Group Corp. is looking for up to 100,000 square feet of office space, the Journal reported.
Founders Fund partners Peter Thiel and Keith Rabois have purchased waterfront homes in Miami Beach during the pandemic. Rabois has been especially vocal about the tech exodus from Silicon Valley to Miami.