Financial giant BlackRock is opening a new satellite office in Miami to house an executive and other employees, according to a report.
According to the Wall Street Journal, Rick Rieder, the firm’s head of fixed income, is said to be based in West Palm Beach, known to firm insiders as the “Snowbird office.”
A total of 35 BlackRock employees are expected to fill the space and more employees may follow.
Financial firms have been migrating to South Florida at an accelerating rate in recent years, although BlackRock told the Journal they have no plans to move their headquarters from Manhattan.
The company will sublet 5,000 square feet of space at 360 Rosemary in West Palm Beach, which also houses offices for Mets owner Steven Cohen’s Goldman Sachs and Point72 Asset Management, the Journal reported.
The recent influx of financial titans has made the area known as “Southern Wall Street.”
The Sunshine State has experienced an overall population boom since the pandemic began, adding 211,000 residents between July 2020 and July 2021, according to census data.
Traditional financial centers like New York and California have lost residents along this route, 305,000 and 117,000 people respectively.
360 Rosemary, developed by Stephen Ross’ Related Companies, is now fully leased according to Real Deal.
BlackRock, which has $10 trillion under management, employs 18,000 people in offices around the world.
https://nypost.com/2022/08/08/blackrock-opening-snowbird-office-in-miami/ BlackRock opens “Snowbird office” in Miami