$12B Private Equity Fund Relocating From New York To Miami

I Squared Capital, a $12 billion private equity fund currently based in New York, is opening an office in Miami later this year, according to Bloomberg.

The two founders of the firm will also move their personal residences to Miami.

Another firm is also in late-stage negotiations to relocate, an employee of Miami’s Downtown Development Authority said.

Miami’s push to court financial firms from high-tax states appears to now be gaining traction, Bloomberg wrote. The effort has been invigorated by new laws that limit deductions of state taxes, making those states much more expensive compared to Florida.

Starwood Capital has also said they will relocate their headquarters from Connecticut to Florida by 2021.

From 2015 to 2016, 14,600 Connecticut residents relocated to Florida from 2015 to 2016, the most since at least 1999. During the 12 months ending in April 2018, Florida gained 14,700 jobs in financial activities while Connecticut lost 500.

 

31 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
3 years ago

I’d love to see more big companies relocate to downtown towers from crappy 1970s office parks in Doral, and said parks replaced with more multi-family housing making a Metrorail extension and Tri-Rail Kendall spur more feasible.

Miami Hurricane
3 years ago

That’s a hard pitch, a lot of those companies are there not only for friendly tax policy, but because the turnpike allows their workforce to easily commute up and down the turnpike from PBC, Broward/Weston, all the way down to Homestead.

Perhaps Brightline will change that dynamic with the Northern folks, but commuting into downtown is no easy feat and taxing on quality of life. That said, commuting out of Doral at the end of the day is its own bottleneck.

Anonymous
3 years ago

The Dolphin Expressway and Florida’s Turnpike are a commuter’s hell.

Anonymous
3 years ago

Miami is hot

Anonymous
3 years ago

Yes, weather has been impressively high these days, and will continue all the way to the weekend.

Anonymous
3 years ago

yup and hot days like these trigger evening storms. I thought a mini hurricane hit me yesterday evening driving home from work.

Anonymous
3 years ago

It will be hot till the end of October

A. Nonymous
3 years ago

These firms can be anywhere with modern communications. Miami is likely to be a big beneficiary.

Anonymous
3 years ago

Tax cut ramifications are starting to set in. When the residents of the high tax states cant deduct those tax’s from federal tax returns they are jumping ship.

Anonymous
3 years ago

Now set up shop in Doral or Miramar where there’s no transportation infrastructure.

Miami
3 years ago

Espero que esten practicando español!

Anonymous
3 years ago

A huevo

Anonymous
3 years ago

We can’t lose Amazon to a place like D.C. Atlanta is the only worthy competitor, and it doesn’t have a major port.

Anonymous
3 years ago

How can you lose something you don’t have?

Anonymous
3 years ago

That’s what she said.

Anonymous
3 years ago

For some odd reason I believe will be chosen. If not HQ2 then something from Amazon will be build in Miami. I really think they want to take advantage of Miami being a hotspot for international business.

Anonymous
3 years ago

Opa-Locka warehouse.

Anonymous
3 years ago

Multi Hundred billion dollar company. They have giant warehouses everywhere.

Miami Hurricane
3 years ago

The Port of Miami has little to do with the relocation. Amazon ran most of its logistics out of Texas for a long time to minimize consumer sales tax.

Anonymous
3 years ago

Don’t be surprised if D.C. gets it.

anonymous
3 years ago

I agree. I think DC is going to get it. I would love for them to come here but think they will pick DC.

Anonymous
3 years ago

Specifically, Northern Virginia. They can’t find or build the space in DC, but NoVa has plenty of inexpensive options. So it has access to a great airport, great schools, transportation infrastructure, educated labor force and Bezos has a house there.

Anonymous
3 years ago

Some very wise poster explained that you locate the HQ close to where the boss lives. You locate the HQ2 close to where the boss has a 2nd home and a newspaper.

Anonymous
3 years ago

Unless you’re a government contractor or lobbyist, D.C. has no economy. Even our hospitality-focused economy is more self-sufficient in this case.

Washington Post
3 years ago

DC also has a well educated population. Much better than Miami.

anonymous
3 years ago

Atlanta is not a competitor. I lived there and no way that Amazon HQ2 will go there. There is potential that ATL can become a great city but it is still in the early stages. ATL has a lot of diversity BUT unfortunately no integration. Ethnic groups hang out in their little cliques. And the crime… there are a lot of robberies that occur in ATL. More so then here for sure. I think DC will get Amazon.

Anonymous
3 years ago

LOL, you could replace Atlanta with Miami in your example.

Lance
3 years ago

Amazon HQ2 – Most important is the available pipeline of the type of worker Amazon desires. Boston, Pittsburgh and to a lesser degree DC fare much better than Miami. Artificial intelligence and robotics also are listed as a priority making Pittsburgh the top choice there. I’d DC is chosen then it’s for proximity to lobbying and in a town Bezos knows well.

Anonymous
3 years ago

If this trend continues I don’t know where they locate to as new Class A office space is not available in downtown.

Anonymous
3 years ago

they will love floridas ”homestead tax” too, own one house and you pay 50% less property tax

Anonymous
3 years ago

Huh? That is fuzzy math.