Leases  ·  Office

Wall Street Influx Continues With Miami Beach Lease of 12K SF

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In another case of a New York financial firm setting up shop in South Florida, investment fund Pretium Partners has leased office space in Miami Beach.

Pretium Partners has taken 11,591 square feet at Eighteen Sunset, developer Deco Capital Group announced Thursday. The new building at 1769 Purdy Avenue is set to open in 2023. 

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Pretium Partners has a Miami Beach office at 1688 Meridian Avenue, according to the company’s website. It didn’t release details about how large that space is or whether it will vacate after it moves into the new building. Pretium is an owner of single-family rental properties, with a portfolio of 85,000 homes. Its assets under management exceed $50 billion.

Pretium Partners was founded by Don Mullen, a former partner at Goldman Sachs.

“Having an office in Miami will enable Pretium to attract and retain premium talent and broaden the pool of diverse candidates we seek to recruit,” Laura Cappiello, Pretium’s chief human resources officer, said in a statement.

Stephen Rutchik, executive managing director of Colliers International Florida, and Neil King, vice chairman of CBRE New York, represented Deco Capital in the transaction. Daniel Posy, executive managing director of JLL New York, represented Pretium.

Tech and finance firms have been flocking to Miami Beach. Andreessen Horowitz, the venture capital firm also known as a16z, inked a lease earlier this year at Barry Sternlicht’s development at 2340 Collins Avenue.

In another sign of new investment in the Miami Beach office market, the Miami Beach Preservation Board this week unanimously approved plans for major upgrades to 407 Lincoln Road, an office building famous for its rooftop clock. 

Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.