Hedge Fund Schonfeld Doubles Miami Footprint

By Julia Echikson February 23, 2023 4:44 pm

The Dorsey. Photo: Tricera Capital, LNDMRK Development and the Related Group

Schonfeld Strategic Advisors is doubling its Miami office. The New York-based hedge fund finalized a 10-year-long lease to add a second floor at The Dorsey, a mixed-use property in Wynwood, bringing its full footprint to 37,000 square feet, according to the building’s developers.

The investment firm, which has $22 billion in assets, first inked a deal at the property in 2021, taking 18,000 square feet. The second floor is scheduled to open by the end of the year.

The lease expansion brings The Dorsey’s office component to full occupancy, with coworking operator Industrious occupying the remaining 41,000 square feet. The property’s asking rent stood at $60 a square foot, triple net.

The new lease “is a testament to the quality of not only the Dorsey, but the Wynwood neighborhood as a whole,” Jon Paul Perez, the president of the Related Group, which co-developer the property, said in a statement.

Other new-to-market companies in Wynwood include Founder Fund and Open Store, led by Keith Rabois, a member of the so-called Paypal mafia, as well accounting giant PwC, among others.

Developers Tricera Capital, LNDMRK Development and the Related Group completed The Dorsey last year. Located by the northern border of Wynwood at 286 NW 29th Street, the 618,596-square-foot property features 306 apartments, 78,000 square feet of office, 33,000 square feet of retail, and 476 parking spots.

JLL’s Randy Abend, Paul Mas, Matthew Goodman represented Schonfeld in the Dorsey lease, while Cameron Tallon, Emily Brais, Eric Groffman and Randy Carballo of CBRE represented the landlords.