Israel Englander’s Millennium Management inks 74K sf Brickell lease

Sabadell Financial Center office will be for investment, tech employees

Miami /
Oct.October 20, 2021 03:30 PM
Millennium Management founder Israel Englander and the Sabadell Financial Center (Millennium Management, 1111 Brickell)

Millennium Management founder Israel Englander and the Sabadell Financial Center (Millennium Management, 1111 Brickell)

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.





    Related Articles

    arrow_forward_ios
    John Ruiz with 530 Arvida Parkway
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    John Ruiz sells waterfront Gables Estates home for discounted $30M
    1800 West Indiantown Road in Jupiter, PGIM's Eric Adler with 12503-12681 Miramar Parkway in Miramar and Orion Real Estate Group's  Kevin Sanz with 13605-13619 South Dixie Highway in Pinecrest
    South Florida retail vacancies drop, rents rise in the fourth quarter
    South Florida retail vacancies drop, rents rise in the fourth quarter
    The Development site at 9163-9165 Collins Avenue in Surfside with Fort Partners' Nadim Ashi
    Fort Partners pays $42M for Surfside condo development site
    Fort Partners pays $42M for Surfside condo development site
    From left: Prologis' Hamid Moghadam, MG3 Group’s Marcelo Saiegh, and TA Realty's James Buckingham (Getty, Prologis, MG3 Group, TA Realty)
    South Florida industrial market softens, rents rise again in fourth quarter
    South Florida industrial market softens, rents rise again in fourth quarter
    Henry Bott and Kieran Bowers with a rendering of One Brickell City Centre (Getty)
    Swire taps Henry Bott to replace Kieran Bowers as president in Miami
    Swire taps Henry Bott to replace Kieran Bowers as president in Miami
    Palazzo Della Luna at 6800 Fisher Island Drive in Miami Beach
    Palazzo Della Luna closing tops Miami-Dade weekly condo sales
    Palazzo Della Luna closing tops Miami-Dade weekly condo sales
    (Illustration by The Real Deal with Getty)
    South Florida residential dollar volume falls 50% in December
    South Florida residential dollar volume falls 50% in December
    From left: CP Group’s Angelo Bianco, Monarch Alternative Capital’s Michael Weinstock, MV Group USA’s Manny Varas; The Springs Circle Center at 1 South Royal Poinciana Boulevard and 69 Hook Square in Miami Springs; Citigroup Center at 201 South Biscayne Boulevard in downtown Miami (Getty, CP Group, MV Group USA, Monarch Alternative Capital)
    Lease roundup: Citigroup Center in downtown Miami nabs tenants
    Lease roundup: Citigroup Center in downtown Miami nabs tenants
    arrow_forward_ios

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

    Loading...