A $20 billion hedge fund from New York is signing a 10-year lease in Coconut Grove
.jpg "New York-based D1 Capital Partners is landing at Related Group’s 2850 Tigertail development in Coconut Grove.")
Yet more financial firms are coming to Miami.
The latest: D1 Capital partners, a $20 billion hedge fund that has signed a 10-year lease for 25,000 square feet within Related Group’s newly completed 2850 Tigertail art-filled office building in Coconut Grove.
D1’s arrival represents another out-of-state financial giant betting on Miami by putting an office there. It follows Blackstone, Thoma Bravo and New York Mets owner Steve Cohen’s Point72 among firms opting for a Miami presence.
D1 managing partner Dan Sundheim did not respond to a request for comment.
D1 and Sundheim attracted attention earlier this year as the target of so-called reddit investors who were seeking to attack hedge funds that had bet against — or sold short — certain stocks, including GameStop. According to Bloomberg News, D1 was at one point down $4 billion — but has since bounced back, posting 30% annualized returns.
“He is in a league of his own as a stock picker and portfolio manager,” Andreas Halvorsen, Sundheim’s former boss at Viking Global Investors, wrote to clients in 2017.
For Related, the signing makes 2850 Tigertail 100% leased, just two months after receiving its temporary certificate of occupancy. 2850 is also Related’s new headquarters and includes tenants including the Knight Foundation and law firm Ratzan Weissman & Boldt.
“This is a statement that companies are making a commitment to Miami in the long-term,” said Related Vice President Nick Perez. “People are realizing the potential of Miami for tax benefits, quality of living, infrastructure — it’s really becoming a world-class city.”
This story was originally published June 7, 2021 at 9:27 AM.
