New York-Based Eastdil Secured Opens Miami Office
Hoping to cash in on Florida’s booming real estate market, Eastdil Secured, a global real estate investment bank headquartered in Manhattan, has opened a Miami office, the firm announced on Wednesday.
“We have always gone where our clients need us most. Florida has long been an important market for us, with many of our most senior advisers operating in the region and our transaction activity significantly growing in recent years,” D. Michael Van Konynenburg, the firm’s president, said in a statement.
The firm, which acts as a brokerage and advisory firm on large commercial deals, has settled into 1001 Brickell Bay Drive, a 32-story waterfront office tower in Miami’s financial district. Jeff Scott, the firm’s Florida managing director and a member of the firm’s executive committee, will oversee the office and Southeast operations.
A spokesperson for the bank did not immediately respond to a request for comment, regarding the square footage and the length of the lease.
Eastdil joins a number of other brokerages that have expanded within or to Florida over the last year, to capitalize on one of the hottest real estate markets in the country. Almost every week during 2021’s final quarter, South Florida clocked in a triple-digit multifamily acquisition. Florida’s major cities — Miami, Fort Lauderdale, West Palm Beach and Jacksonville — experienced some of the fastest-rising residential rents in the country, according to a report by Redfin.
Even without a Sunshine State office, Eastdil Secured has been busy at work, closing over $8 billion of sales, joint ventures and financings in Florida last year, according to the bank.
Beyond Florida, the firm has expanded its footprint with new offices in Charlotte, Dublin, Paris and Frankfurt In the last two years.
In all, the bank has 19 offices of which 12 are in the U.S.
Julia Echikson can be reached at Jechikson@commercialobserver.com.