A global equity company with more than $73 billion in assets under management just opened an office in Miami Beach’s Starwood building.
New York-based General Atlantic opened its office at 2340 Collins Avenue on Wednesday morning. It will be its fourth office in the U.S. and its 16th site worldwide.
Bill Ford, chairman and CEO of General Atlantic, said the company the Miami Beach office because it was attracted by the Miami’s growing tech sector.
“With the establishment of our Miami office, we are well-positioned to play a larger role in advancing the city’s growing and dynamic tech sector,” Ford said in a company release.
Anton Levy, co-president of General Atlantic’s Global Technology Group, added that his firm already invested in Florida companies.
“We’re excited to deepen our commitment to the Miami area with this office,” Levy stated in the release. “Many of our current portfolio companies have a presence in Florida, and we see significant opportunities with the next generation of technology companies that will be a part of this community.”
General Atlantic’s spokeswoman Casey Gunkel wouldn’t say how many people will work in Miami Beach, nor the physical size of that office “at this stage.”
Founded in 1980, General Atlantic employs 215 investment professionals. Its other U.S. offices are located in Stamford, Conn. and Palo Alto, Calif.
South Florida’s tech sector has been booming since the pandemic, as small business owners, wealthy individuals, and remote working professionals migrate from other parts of the U.S. to escape state income taxes and find a more business-friendly environment. The City of Miami itself has been aggressively promoted as a bourgeoning tech hub by Miami Mayor Francis Suarez and Founders Fund partner Keith Rabois.
Meanwhile, several financial services companies and family offices have been opening locations in Miami Beach. One reason for this trend is that the billionaires who own or run these firms have homes in Miami Beach, brokers and developers have told the Business Journal.
The Starwood Headquarters building has attracted its share of financial powerhouses including BTIG and Andreessen Horowitz. More than half of the building is occupied by the Starwood Capital Group, a private investment firm with $120 billion in assets under management founded by Miami Beach billionaire Barry Sternlicht.
Back in September, South Florida was named one of the top markets for tech jobs by the Dice Tech Job Report. However, a recent report from online education website Edwize ranked Miami as the 23rd best place for tech workers to live, mainly due to Miami’s high cost of living.
Sign up here for the Business Journal’s free morning and afternoon daily newsletters to receive the latest business news impacting South Florida. For more business intelligence, follow us on LinkedIn, Facebook, Twitter and Instagram.
Comments are closed.