Finance juggernaut BlackRock is opening a new satellite office in Miami to accommodate a senior executive and other staffers, according to a report.
Rick Rieder, the firm’s head of fixed income, is expected to work out of the West Palm Beach facility, known as the “snowbird office” to company insiders, according to the Wall Street Journal.
A total of 35 BlackRock employees are expected to fill the space and additional staffers could follow.
Finance firms have been migrating to South Florida at an accelerating clip in recent years, although BlackRock told the Journal that they have no plans to relocate their headquarters from Manhattan.
The firm will sublease 5,000 square feet of space at 360 Rosemary in West Palm Beach, which also hosts offices for Goldman Sachs, and Mets owner Steven Cohen’s Point72 Asset Management, the Journal reported.
With its recent influx of finance titans, the area has become known as the “Wall Street of the South.”
The Sunshine State has seen an overall population boom since the start of the pandemic, adding 211,000 residents between July 2020 and July 2021, according to Census data.
Traditional finance hubs like New York and California have both shed residents over that stretch, losing 305,000 and 117,000 people, respectively.
360 Rosemary, which was developed by Stephen Ross’ Related Companies, is now fully tenanted, according to the Real Deal.
BlackRock, which has $10 trillion under its management, employs 18,000 staffers at offices across the globe.