Millennium Management Finalizes Lease at 1111 Brickell
Hedge fund giant Millennium Management has finalized its plans to open a Miami office.
The New York-based financial firm signed a long-term lease at Sabadell Financial Center, occupying three floors, which equates to about 75,000 square feet, according to landlords KKR and Parkway Property Investments.
With $57.4 billion under management, Millennium is one of the largest hedge funds in the country.
Commercial Observer broke the news about Millennium’s lease a month ago.
The office is expected to open in the third quarter of 2022 and will house 350 employees from the hedge fund and its subsidiary WordQuant. The hedge fund has 50 offices and 3,400 employees worldwide, according to documents filed with the U.S. Securities and Exchange Commission.
Overlooking Biscayne Bay, the 30-story tower is located in the heart of Miami’s financial district at 1111 Brickell Avenue. KKR and Parkway Property Investments purchased the 524,000-square-foot building for $250 million in 2018.
Millennium, led by Israel Englander, is also planning to plant roots north in West Palm Beach. Just last week, the hedge fund inked a 40,000-square-foot lease at Related Companies’ CityPlace Tower.
In Miami, Zach Wendelin and Tom Haughton of CBRE represented the tenant.
Julia Echikson can be reached at firstname.lastname@example.org.
Update: The article was updated to include CBRE’s role.