The $22 billion hedge fund Schonfeld Strategic Advisors announced it will open a second headquarters location in Miami’s Wynwood neighborhood.
Schonfeld’s new office will be located at the Dorsey, a 604,110-square-foot mixed-use development that was completed earlier this year by a Related Cos.-led joint venture. According to the company, the new space will eventually accommodate 100 employees, with the first buildout set to launch in the next 12 months.
The hedge fund is the latest big name to plant a flag in Wynwood, which has started to draw high-profile companies like Spotify, Live Nation Entertainment Co. and Bank OZK since a 2015 rezoning led to an office development boom.
The global investment firm also announced it will add space to its New York City headquarters and open new locations in Southern Connecticut and New Jersey. Schonfeld’s existing offices in Dallas, San Francisco and Long Island will also be expanded.
Schonfeld CEO & CIO Ryan Tolkin said in prepared remarks that establishing a second headquarters in Miami and smaller offices around the country will help the company tap into “differentiated” talent pools. Tolkin also said the new offices tie into the company’s shift to offering more flexibility with in-office and remote work.
The news comes a week after ride-share giant Uber inked a 13,000-square-foot lease with EQ Office at the office building 3 MiamiCentral in downtown Miami and more than two months after New York City-based hedge fund D1 Capital Partners signed a 10-year lease to relocate its headquarters to Related Group’s 2850 Tigertail Ave. office building in Coconut Grove.
Miami’s office market has soared in the first half of 2021, according to recent data from CommercialEdge. Office transactions shot up 223 percent in the first half of this year compared to the same time period in 2020, led by major deals like Monarch Alternative Capital’s majority purchase of Citigroup Center and CP Group’s acquisition of One Biscayne Tower.