The Miami area bags another financial firm.
Manhattan-based hedge fund J. Goldman & Co. inked a 10,000-square-foot lease at The Fifth Miami Beach office development.
The five-story project, being developed by Sumaida + Khurana and Bizzi + Bilgili, will feature 62,202 square feet of office space at 944 Fifth Street in South Beach.
“We remain committed to maintaining a strong physical presence in New York City and South Florida. As we continue to add new investment talent and grow our firm, our needs have evolved,” Michael Juliano, J. Goldman’s chief operating officer and general counsel, said in a statement. (Bloomberg first reported the lease.)
While Juliano declined to comment on the firm’s real estate endeavors, he said Cyril Bijaoui of Longstead, part of The Corcoran Group, has been leading the charge. Cushman & Wakefield’s Ryan Holtzman, Brian Gale and Andrew Trench represented 944 Fifth’s landlords.
Construction has been underway at the address since last May after private equity firm Cain International provided $47.25 million in construction financing. The Fifth Miami Beach, designed by Spanish architect Alberto Campo Baeza, counts former Google CEO Eric Schmidt as a backer.
The development is part of a new crop of Class A, boutique projects going up in Miami Beach, mostly catering to financial firms and their chief executives who want to work near the homes they’ve acquired since the pandemic.
In and around Lincoln Road, New York developer Michael Shvo plans to renovate a 13-story office tower, commonly known as the Clock Building, in addition to his plans for developing a mixed-use project with an office component and a standalone office building, all designed by famed architect Lord Norman Foster. Both projects have yet to break ground.
Eighteen Sunset, a mixed-use development with about 40,000 square feet of office space in Sunset Harbour, is now under construction. In 2022, New York financial firm Pretium Partners signed a 12,000-square-foot lease there.
A number of financial firms have decamped to the Miami area since the pandemic started, most notably Citadel, which relocated its headquarters from Chicago in 2022.
Julia Echikson can be reached at jechikson@commercialobserver.com.
