Largest space taken by a hedge fund in Miami? Here’s where 74K sq. feet was just leased
A $57 billion hedge fund has signed a long-term lease for 74,000 square feet at 1111 Brickell.
New York-based Millennium Management will occupy three floors of the 30-story Class A office tower. Terms of the lease were not disclosed.
According to a release, Millennium “plans to staff the office with investment professionals and technology teams.” WorldQuant, a global quantitative investment firm with which Millennium has a joint venture, will occupy a section of the Millennium space for its employees, the firms said.
In May, Bloomberg reported Millennium, which previously opened a satellite Miami office, planned to staff the latest location on Brickell Avenue with as many as 350 employees.
According to Institutional Investor magazine, Millennium earned $3.8 billion last year. Website The Next Miami observed Thursday that it may be the biggest office space taken by a hedge fund with a significant presence in Miami.
“Our recently completed renovations and enhancements at 1111 Brickell have helped to make the property a destination of choice for the leading financial and technology firms coming to Miami for its innovative workforce and dynamic lifestyle,” said representatives for Parkway Property Investments. Parkway purchased 1111, formerly known as the Sabadell Financial Center, in 2018 alongside private equity giant KKR.
“The explosive growth we are seeing in Miami today is an exciting acceleration of the long-term trends in net migration and outsized white-collar job growth which were central to our thesis when we acquired 1111 Brickell in 2018,” Ben Brudney, a director in KKR’s real estate group, in a statement. “This lease agreement with one of the world’s leading investment managers is a great endorsement of the business plan we have implemented in strategic partnership with the Parkway team.”
This story was originally published October 21, 2021 at 5:11 PM.
