Private equity giant Apollo signs on for new downtown Miami office space
Apollo Global Management has signed on for temporary office space with Miami-based law firm Greenberg Traurig while the private equity giant searches for a permanent Miami home.
The 3,500-square-foot space at Traurig’s Wells Fargo Center offices in downtown Miami, under a license agreement, will house as many as 16 employees. An Apollo spokeswoman said the Miami office, along with a new space in West Palm Beach, are part of a bid to open more regional offices “to attract and retain the best talent in the industry.”
Greenberg said in a statement that it worked with Miami-Dade County Mayor Daniella Levine Cava and Miami Mayor Francis Suarez on the concept, which was premised on the ongoing demand for office space, especially temporary digs, in the downtown-Brickell corridor. In its most recent report covering the second quarter, global real estate advisor firm Avison Young said Miami’s commercial rent prices “have spiked significantly” in the past year as competition for Class-A space surges among new-to-market firms.
Apollo joins a slew of other Northeast-based financial firms that have opened South Florida offices in the past year. The movement was kicked off by Blackstone last fall and has been continued by firms including Steve Cohen’s Point 72 and Orlando Bravo’s Thoma Bravo, with Goldman Sachs also in the mix at Related Companies’ new West Palm Beach office complex.
Separately, the city of Miami Beach announced Thursday that GMF Capital, an investment management platform, had become eligible for incentives as it moves its headquarters from New York. The perks package includes a Job Creation Incentive Program offering up to $60,000 per year for up to four years for new-to-market or existing companies in targeted industries. Miami Beach is hoping to attract more financial services and technology companies from places like California, Connecticut, Illinois, New York and Texas, it said in a statement.
GMF joins another financial group, Melvin Capital, in leasing at 1674 Meridian Ave. The office building, purchased in 2019 by Miami-based Integra Investments and Constellation Group, has been redeveloped into a contemporary, boutique Class-A space building that also includes 5,505 square feet of retail space.
This story was originally published August 5, 2021 at 11:20 AM.
