Point72 Asset Management, a hedge fund led by legendary hedge fund mogul and owner of the New York Mets, Steven Cohen, has signed a lease at Nuveen Real Estate’s 701 Brickell office tower. Point72 Asset Management, which has over $20 billion in assets under management, leased 9,000 SF in the 33-story, 648,708 SF building. The Cushman & Wakefield team led by Brian Gale, Andrew Trench and Ryan Holtzman represented Nuveen in the deal while Point72 was represented by Mitchell Millowitz and Neil Goldmacher of Newmark. The Stamford, Connecticut-based firm is also opening an office at 360 Rosemary in West Palm Beach.
701 Brickell spans offers views of Biscayne Bay and features modern, sophisticated amenities and services including 24-hour state-of-the-art security measures, on-site management, private fitness center, conference facility, full service beauty salon, and a covered parking garage. The building is LEED Gold Certified, Energy Star Rated and a USGBC LEED Gala Verde Award Winner.
Point72 Asset Management was founded in 2014 after SAC Capital converted its investment operations into a family office in 2014. In 2018, the firm reopened to outside investors following a two-year ban against managing outside capital. Point72 Asset Management currently has over 1,650 employees and 12 global offices including in New York City and San Francisco.
The announcement comes on the heels of private equity and venture capital heavyweights Thoma Brown, Founders Fund and Atomic all signing leases to move to Miami. Miami Mayor Francis Suarez has aggressively used Twitter to launch a viral effort to attract financial and technology firms from New York City and Silicon Valley. Goldman Sachs has reportedly been mulling moving a portion of their company to South Florida along with the New York Stock Exchange. Colony Capital, Elliott Management Corp., Blackstone, Virtu Financial, Boston Private, Florida Funders, Novo, Palm Drive Capital, Wealthspire Advisors and Citadel have all moved to South Florida, have opened or are in the process of opening and office.