Point72 Asset Management Inks Lease at Nuveen’s Brickell Tower
Point72 Asset Management, a hedge fund founded by billionaire Steven A. Cohen, is moving into 9,000 square feet of space at Nuveen Real Estate’s 701 Brickell in Miami.
The firm will occupy part of the 33-story, 685,835-square-foot Class A tower, which is currently undergoing renovations. The deal comes on the heels of a lease that Point72 signed in January, where it agreed to take space in West Palm Beach at Related Companies’ 360 Rosemary, as Bloomberg reported.
“With the influx of new to market financial and tech companies coming from New York, Chicago and California, 701 Brickell is well positioned to lure some of the best forward thinking businesses in the world,” Cushman & Wakefield’s Brian Gale, who brokered the deal for the landlord, said in prepared remarks.
Cushman & Wakefield’s Gale, Andrew Trench and Ryan Holtzman represented the landlord, while Mitchell Millowitz and Neil Goldmacher of Newmark represented the tenant.
“We have a number of exciting initiatives, renovations and enhancements underway at 701 Brickell designed to meet the needs of today’s dynamic tenants,” Charles Russo, regional head for the office sector in the Southeast and senior director at Nuveen Real Estate, said in prepared remarks. “This is a win not only for 701 Brickell but Miami as a whole as we are seeing unprecedented out of market interest in our projects.”
Other tenants in the building include IT management software company Kaseya US Sales; sugar, cocoa and ethanol trader Sucden Americas Corp.; and law firm Manning Gross + Massenburg.
The hedge fund’s new office is another addition to the growing Brickell financial district of Miami, drawing companies nationally to the up-and-coming area. Private equity firm Thoma Bravo announced on Tuesday that it would expand its presence in Miami with a 36,500-square-foot lease at 830 Brickell.