Citadel effect: Global Finance Firms Expand Miami Footprint Across Key Districts

A fresh wave of international and domestic companies has established operations in Miami, with European hedge fund Brevan Howard and Swiss packaging manufacturer Amcor among the most prominent recent arrivals.

Brevan Howard, a global investment manager led by CEO Aron Landy, secured nearly 7,000 square feet on the third floor of Related Group's building at 2850 Tigertail Avenue in Coconut Grove. The deal closed in April, represented by Cushman & Wakefield's Andrew Trench for landlord Related Group, while JLL's Daniel Posy and Ryan Levy acted on behalf of the tenant. The 10-story building, completed by the Pérez family's Related Group in 2021, serves as the developer's headquarters.

Based in Jersey, an autonomous dependency of the British Crown, Brevan Howard manages capital for sovereign wealth funds, pension funds, and other institutional investors. The firm maintains offices in Jersey, London, Geneva, Hong Kong, Abu Dhabi, Bengaluru, Singapore, Austin, New York, and recently announced expansions to Tokyo alongside Miami.

Zurich-based Amcor, a packaging manufacturer serving the food, beverage, and pharmaceutical sectors, leased 33,800 square feet for its U.S. headquarters at the Southeast Financial Center, located at 200 South Biscayne Boulevard in downtown Miami. The 55-story tower is owned by Spanish billionaire Amancio Ortega, founder of Zara and Bershka, whose investment firm Ponte Gadea acquired the property for $516.6 million in 2016.

Additional arrivals include Washington, D.C.-based affordable housing consultancy Quadel, which took 13,500 square feet at the Security Building in downtown Miami at 117 Northeast First Avenue. Fort Lauderdale-based Fuse Group, led by Eyal Peretz, purchased the Security Building out of foreclosure in 2021. Marketing platform Postr also relocated its headquarters to Wynwood, occupying space at 301-311 Northwest 28th Street in a building tied to Lerner Family Properties.

The corporate migration follows Palantir Technologies' high-profile headquarters move from Denver to a co-working space in Aventura earlier this year, reigniting momentum that had initially surged during the pandemic before moderating.

Miami-Dade County's Class A office vacancy rate reached 15.7 percent in the second quarter, declining 10 basis points from the previous quarter and 130 basis points year over year, according to Blanca Commercial Real Estate's quarterly report. Class B vacancy stood at 14 percent, down 90 basis points quarter over quarter and 250 basis points year over year.

While incoming companies generate enthusiasm, many new arrivals initially secure smaller spaces before potentially expanding. Brevan Howard's Coconut Grove office, for instance, had been previously occupied by another tenant, illustrating the evolving nature of Miami's commercial tenant mix.