Markets
Wall Street’s Palm Beach Foray Fuels Developer Office Rush
- Related boosts investments in Florida haven for New Yorkers
- New tower attracts Cohen’s Point72; Goldman in talks for lease
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First came the pandemic migration of New York financiers to West Palm Beach. Now comes the investor rush for offices to accommodate them.
With the likes of Goldman Sachs Group Inc. and Steve Cohen’s Point72 Asset Management opening outposts in the Florida city, an area once known for snowbirds and retirees has suddenly become hot market for commercial real estate. At the forefront is Manhattan developer Related Cos., which has been accelerating investments in West Palm Beach and now controls about a third of its downtown office stock.