Blackrock Will Open West Palm Office for South Florida Staff
By Julia Echikson August 8, 2022 5:18 pm
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West Palm Beach just landed the world’s largest money manager.
BlackRock inked a 5,000-square-foot lease at the Related Companies’ 360 Rosemary office building, The Wall Street Journal reported.
The office, which is slated to open next year, will house 35 staffers, including Rick Rieder, who serves as the firm’s head of fixed income, managing about $1.7 trillion in assets, which accounts for 20 percent of BlackRock’s total assets.
Early last year, the executive paid $7.2 million for a waterfront mansion in the Admiral’s Cove gated community, where former President Trump’s son, Don Jr., and his fiancee, former Fox News host Kimberly Guilfoyle, also own a home.
“BlackRock is relocating its existing presence to a new location in West Palm Beach, Fla. BlackRock has no plans to relocate additional heads to Florida, and the firm’s headquarters and executive leadership teams will remain based in New York City,” a BlackRock representative wrote in an email to Commercial Observer.
The 360 Rosemary deal is a sublease, though it’s unclear who BlackRock is leasing from. The representative did not say where the company is relocating from. BlackRock’s closest office is in Boca Raton at 2255 Glades Road. It has another South Florida office in Miami at 701 Brickell.
BlackRock, led by Larry Fink, is the latest financial company to set up shop in South Florida since the start of the pandemic.
At 360 Rosemary, BlackRock will join other financial heavyweights such as Goldman Sachs and Elliot Management. In another nod to Wall Street, the iconic New York steakhouse, Harry’s, is slated to open on the ground floor. The 20-story property has garnered so much demand that Related converted one floor of the parking lot into offices.
Founded by Stephen Ross, the New York-based Related is building another office building in West Palm Beach, One Flager, and bought a slew of office properties, such as CityPlace Tower and Phillips Point, to become the city’s largest Class A landlord.
A representative for Related declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
