Billionaire Israel Englander’s Millennium Management is the latest Northeastern financial firm to head to South Florida, with plans to open an office in Miami’s Brickell.
New York-based Millennium Management inked a long-term, more than 74,000-square-foot lease at the Sabadell Financial Center, where the hedge fund will open an office for investment and technology employees, according to a news release. Global quantitative investment firm WorldQuant, whose parent is Millennium, will take up part of the space.
Zach Wendelin and Thomas Haughton of CBRE closed the deal on behalf of the tenant.
Millennium Management, with more than $57.4 billion in assets under management, was founded in 1989, according to its website.
The 30-story Sabadell Financial at 1111 Brickell spans 524,000 square feet. It was built in 2000 as part of a larger mixed-use complex that includes the adjacent JW Marriot Hotel on Brickell Avenue.
Landlords KKR, a global investment firm, and Parkway Property Investments, a privately owned real estate investor, bought Sabadell Financial in 2018 for $248.5 million. PGIM Real Estate was the seller.
Since then, KKR and Parkway Property have given the property a facelift, including a redesigned entrance and revamped lobby, according to the release. They also added multiple points of fiber entry and cell phone signal technology.
The lease is yet another example of the region becoming a magnet for out-of-state financial firms, which are either expanding here or are relocating altogether.
Brickell has proven to be a top choice. Canadian asset and wealth management behemoth CI Financial will open its new U.S. headquarters in a 20,000-square-foot space at the 830 Brickell tower that is under construction.
Miami also is making a bid to become a tech firm hub, a push that has political support from Mayor Francis Suarez. In September, Microsoft inked a 50,000-square-foot lease for its regional headquarters, also at the 830 Brickell tower.