Goldman Sachs (NYSE: GS) recently signed a lease to expand its office space in downtown Miami to 35,000 square feet.
The firm will move into the entire 52nd and 53rd floors of the Southeast Financial Center, at 200 S. Biscayne Blvd., when the offices are ready in about a year, said Rob Barlick, region head of Florida and Latin America at Goldman Sachs Private Wealth Management. The company has occupied half of the Southeast Financial Center’s 37th floor — about 17,400 square feet — since 1988.
“We have grown a lot for the past two years, by 40%, and we expect that growth to continue,” Barlick added.
He declined to say how many employees will work at the firm’s Miami office, stating it’s against company policy.
In South Florida since 1978, Goldman Sachs Private Wealth Management provides financial services and advice for individuals with a net worth of $10 million or more. Clients include wealthy Miami residents from Latin America as well as a growing number of wealthy households migrating to South Florida from other parts of the nation.
“We want to be growing where our clients are and the talent is,” Barlick said.
CBRE Group (NYSE: CBRE) brokered the lease negotiations, a spokeswoman for Goldman Sachs said.
Wealthy individuals, families, and well-paid professionals, have migrated to Florida in greater numbers after changes to the federal tax code during the Trump Administration limited deductions for state income taxes. That trend increased during the pandemic as some parts of the nation restricted business activity in an attempt to limit the spread of Covid-19.
Several companies from other parts of the U.S. also opened satellite offices and, in some cases, even relocated their headquarters to this region. Within the Brickell Financial District, more than half of the companies signing leases were new to the market, according to a study from Miami’s Downtown Development Authority.
Built in 1984, at 764 feet in height the Southeast Financial Center is the fourth-tallest building in Florida and, currently, the tallest office building in Florida without residential or hotel units. Ponte Gadea Biscayne LLC paid $516.6 million for the Southeast Financial Center in December 2016.
Among the Southeast Financial Center’s tenants include Winston & Strawn, a Chicago-based law firm that is leasing 15,000 square feet at the SFC while it awaits space within 830 Brickell. Citadel, a hedge fund founded by billionaire Ken Griffin, is reportedly temporarily leasing space at the SFC as well for similar reasons. King & Spalding LLP, an international law firm based in Atlanta, will move into a 30,000-square-foot space within SFC in February.
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