Financial giant BlackRock has opened a new satellite office in Miami to house senior management and other staff, according to a report.
According to The Wall Street Journal, the company's head of fixed income Rick Reader will work out of his West Palm Beach facility, known to insiders as the "Snowbird Office." 7}.
A total of 35 of his BlackRock employees are expected to fill that space, with additional staff likely to follow.
While financial firms have accelerated their move to South Florida in recent years, BlackRock told the Journal that it has no plans to move its headquarters out of Manhattan.
The company owns a 5,000 sq. ft. The beach, which also hosts the offices of Goldman Sachs and Mets owner Stephen Cohen's Point 72 Asset Management, will sublease the space, the WSJ reported.
The recent influx of financial giants has made the region known as the 'Wall Street of the South'.
Census data show that the Sunshine State has seen an overall population boom since the pandemic began, with Added 211,000 inhabitants.
Traditional financial hubs such as New York and California have all lost their residents during that time, losing 305,000 and 117,000 respectively.
The 360 Rosemary, developed by an affiliate of Stephen Ross, is now fully occupied, according toReal Deal.
BlackRock, which manages $10 trillion, employs her 18,000 staff in offices around the world.
