J Goldman & Co, a New York-based long-short equity hedge fund manager founded in 1986 by Jay Goldman, has signed a lease for space at a new Miami Beach office building that is expected to achieve some of the highest rents ever seen in the local market, according to a report by Bloomberg.
The report cites an unnamed person familiar with the deal as revealing that the firm has become the first confirmed tenant at Fifth Miami Beach, having agreed to occupy around 10,000 sq ft of of the 60,000 sq ft building.
In an emailed statement, Michael Juliano, COO at J Goldman, wrote: “We have long maintained offices in New York City and South Florida, and we remain committed to both regions. As we grow our business and continue to aggressively add new investment talent, it will be necessary to expand our office footprint in South Florida.”
Asking rents at the property — the first new office building in more than 15 years in Miami Beach’s South of Fifth neighbourhood — were expected to reach $170 per sq ft, according to Cushman & Wakefield, when the project was announced 2022 – more than double the average rate in Miami’s Brickell neighbourhood in Q4 2023.
