Swiss Developer Expands U.S. HQ in Miami
By Julia Echikson January 10, 2024 5:14 pm
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Two years after buying its first development site in Miami’s Brickell district, a Swiss developer has expanded its U.S. headquarters nearby as it ramps up work in the Southeast.
Empira Group’s new base spans 10,000 square feet inside the 55-story Southeast Financial Center building at 200 S Biscayne Boulevard in Downtown Miami. The office, located on a portion of the 46th floor, will house up to 50 employees.
Empira, which claims to have nearly $10 billion under management and is headquartered in Zug, Switzerland, is relocating from 1111 Brickell Avenue, where it opened its first U.S. office in 2021. That office was smaller, accommodating only 10 staffers, though a spokesperson for Empira did not divulge the exact square footage.
Empira joins Morgan Stanley and law firm Shutts & Bowen at its new Downtown Miami headquarters. Zara’s billionaire founder, Amancio Ortega, purchased the 2 million-square-foot skyscraper for $500 million in 2016.
The relocation comes as Empira ramps up work in Miami and the broader Southeast.
Last year, it raised a $600 million fund to buy and develop multifamily assets in the Sun Belt, including in Texas, Arizona and Florida, according to IPE Real Assets, a website covering real estate news. In Brickell two years ago, the developer purchased a half-acre site for $9 million where it’s planning a 85-unit residential development.
Last year, it bought a 1-acre parcel for $21.5 million, home to three low-rise residential buildings, The Real Deal reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
