Sell for More Trivia is a weekly blog series that playfully presents a trivia question about commercial real estate.
Miami has been dubbed “Wall Street South” since at least 1990.
JPMorgan Chase CEO Jamie Dimon is open to moving his bank to Florida, a move he formerly resisted because he said the schools weren’t good enough.
In the past few years, the migration of high-profile business to Miami (and to Florida more broadly) has gained steam. There’s no income tax and the politics are perceived as business-friendly.
Starwood Property Trust is building a new headquarters at 2340 Collins Ave. in Miami Beach and CEO Barry Sternlicht settled in as a city resident in 2018.
Billionaire investor Carl Icahn this summer moved Icahn Enterprises from New York City to the Milton Tower, located at 16690 Collins Ave. in Sunny Isles Beach, just north of Miami Beach.
Chicago’s Ken Griffin just dropped $37M for property on exclusive Star Island and there are rumors that his firm, Citadel, will relocate nearby.
By publicly bragging about leaving “dead” New York for Miami, entrepreneur James Altucher sparked a fight over the Big Apple that put Jerry Seinfeld on the defensive.
Further north, hedge funds have been migrating to Palm Beach County. Tennis superstar Serena Williams has lived in Palm Beach Gardens for years with her husband, Reddit co-founder Alexis Ohanian Sr.
Further upstate, Fisher Investments opened an office in Tampa, a city that billionaire Jeff Vinik has been championing for years. He’s building a massive development there.
According to Bloomberg, 20 bankers with Moelis & Co. told boss Ken Moelis they wanted to move to Florida, and he is allowing it. Moelis & Co. is saving about $30M a year since the company pivoted to Zoom meetings over in-person ones during the coronavirus pandemic.
Business development groups like the Downtown Development Authority and Beacon Council in Miami and the Business Development Board of Palm Beach County have helped grease such moves by identifying and bundling incentives.
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About Beau Beach, MBA CCIM
Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.
Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee and South Florida markets.
He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.
Beau can be reached at 800-721-3287, click to schedule a call or Beau@soldbybeachwood.com