$22 billion NYC hedge fund to open second headquarters in Wynwood
A $22 billion New York City hedge fund announced Tuesday it would be opening a second headquarters in Miami, joining a slew of other finance groups making the Magic City jump.
Schonfeld Strategic Advisors, founded by billionaire Steven Schonfeld, said in a release it would be moving into Wynwood in the coming months. It has selected The Dorsey, a new mixed-use development from Arquitectonica located at 280 NW 28th St.
The office has space for 100 staff and the initial build-out will be about 50 people over the next 12 months.
“We remain focused on growing and expanding Schonfeld’s global footprint to better meet our clients’ needs,” said Andrew Fishman, president and COO of Schonfeld, in a statement. “Establishing an HQ2 in Miami and other new offices across the country will enable the firm to tap into differentiated talent pools as we continue to increase our headcount across both our investment and infrastructure functions. I am excited by the opportunity to spend time at each of our office locations around the world and continue collaborating with our extraordinary employees and partners.”
Schonfeld joins a wave of other financial firms establishing a Miami-area presence in the past year, including Citadel, D1 Capital Partners, Icahn Enterprises, Melvin Capital Management, Point72, and Blackstone, which helped kick off the surge by opening a tech office.
“The pandemic provided a unique opportunity for talent to try new cities,” Nitin Motwani, managing principal of Miami Worldcenter and one of the key architects of a 10-plus year effort by the Miami Downtown Development Authority to attract financial firms to Miami, said in a statement. “They quickly realized previous priorities were misaligned, and quality of life began to top the list for many. In response, companies from startups to large corporates are decentralizing and following talent. Schonfeld’s team deserves credit for seeing this before most, and it will provide them with a competitive advantage for years to come.”
“Schonfeld reiterated throughout the selection process that acquiring and retaining talent was the keystone to their growth strategy,” Miami Mayor Francis Suarez said in a statement. “In a world awash with capital, and where talent is scarce, the winners will be organizations who invest in their people. The placement of their HQ2 in Miami further validates the recruitment and educational efforts of our Venture Miami team, the City of Miami, our educational ecosystem, and our community at large.”
The Miami-Dade Beacon Council has worked with Schonfeld since early this year, providing $80,000 in jobs incentives.
“Miami-Dade County is proud to be home to the second HQ of the widely renowned global investment firm Schonfeld,” said Miami-Dade County Mayor Daniella Levine Cava. “Our ability to continue attracting world-class businesses speaks to the welcoming, thriving business climate in our community, and the ongoing efforts of The Beacon Council. We are thrilled to count on Schonfeld as partners in our ongoing effort to make Miami-Dade County a global hub for finance, technology, and innovation with opportunities for all our residents.”
And Schonfeld joins a host of other large-scale enterprises that now call Wynwood home.
“Schonfeld Strategic Advisors is among a growing number of tech, finance and creative businesses opening new offices in Wynwood, including Founders Fund, Spotify, Live Nation, Atomic, and OpenStore,” said Albert Garcia, chairman and co-founder of the Wynwood Business Improvement District (BID), in a statement. “Wynwood’s world-class street art and culinary scene, along with innovative office and residential projects, are playing a pivotal role in attracting new investments, jobs and millions of annual visitors that support the economic growth of South Florida well into the future.”
“It’s a good day when we have attracted a project like this that will bring hundreds of jobs to Miami-Dade County, said Miami-Dade Commissioner for District 3, Keon Hardemon, who represents Wynwood. “Economic investment of this magnitude has a positive ripple effect in the neighborhoods and among the people in the area who will reap the benefits of this new opportunity.”
This story was originally published August 17, 2021 at 10:07 AM.
