Key Takeaways
- • J. Goldman & Co., a New York-based hedge fund, signed the first lease at Fifth Miami Beach, committing to approximately 10,000 square feet in a new 60,000-square-foot office tower in Miami Beach's South of Fifth neighborhood.
- • Fifth Miami Beach is seeking asking rents of $170 per square foot—more than double the average Miami Brickell rate of $80.35 in Q4 2023—representing some of the highest office rents in Miami's history.
- • The property marks the first new office building in more than 15 years in South of Fifth, a prestigious Miami Beach submarket, and is co-owned by former Google CEO Eric Schmidt (alongside developers Sumaida + Khurana and Bizzi & Partners).
- • J. Goldman's expansion reflects broader post-pandemic migration of financial and tech talent to South Florida, driven by tax advantages and quality-of-life considerations; the firm maintains offices at Boston Properties' 510 Madison Ave. in New York.
- • Cushman & Wakefield is handling office leasing for the property; the deal signals strong institutional appetite for premium Miami office space despite broader office market softness in other major metros.
Summary
J. Goldman & Co., a New York hedge fund, has signed the first lease at Fifth Miami Beach, a newly developed office tower seeking rents among the highest ever recorded in South Florida. The firm committed to roughly 10,000 square feet of space within the 60,000-square-foot property located in Miami Beach's South of Fifth neighborhood, marking the building's initial tenant signing.
The property's asking rents are expected to reach $170 per square foot—substantially above Miami's broader market averages. According to Cushman & Wakefield's data, this rate is more than double the average rent in Miami's Brickell neighborhood, which stood at $80.35 per square foot in the fourth quarter of 2023. Fifth Miami Beach represents the first newly constructed office building in South of Fifth in over 15 years, making it a significant new supply addition to one of the region's most prestigious submarkets.
Michael Juliano, chief operating officer at J. Goldman, stated: "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." The hedge fund's New York headquarters remains at 510 Madison Ave., owned by Boston Properties.
The deal reflects an accelerating trend of institutional financial and technology firms relocating operations to Miami and South Florida following the pandemic. Driven by favorable tax policies and workforce migration to warmer climates, demand for premium office space in the region has intensified significantly. The Fifth Miami Beach leasing activity demonstrates continued institutional appetite for high-end office space in Miami despite headwinds in traditional office markets nationwide.
The building is developed by Sumaida + Khurana and Bizzi & Partners, with Cushman & Wakefield managing office leasing operations. Former Google Chief Executive Eric Schmidt is listed as a co-owner of the property.
The property's asking rents are expected to reach $170 per square foot—substantially above Miami's broader market averages. According to Cushman & Wakefield's data, this rate is more than double the average rent in Miami's Brickell neighborhood, which stood at $80.35 per square foot in the fourth quarter of 2023. Fifth Miami Beach represents the first newly constructed office building in South of Fifth in over 15 years, making it a significant new supply addition to one of the region's most prestigious submarkets.
Michael Juliano, chief operating officer at J. Goldman, stated: "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." The hedge fund's New York headquarters remains at 510 Madison Ave., owned by Boston Properties.
The deal reflects an accelerating trend of institutional financial and technology firms relocating operations to Miami and South Florida following the pandemic. Driven by favorable tax policies and workforce migration to warmer climates, demand for premium office space in the region has intensified significantly. The Fifth Miami Beach leasing activity demonstrates continued institutional appetite for high-end office space in Miami despite headwinds in traditional office markets nationwide.
The building is developed by Sumaida + Khurana and Bizzi & Partners, with Cushman & Wakefield managing office leasing operations. Former Google Chief Executive Eric Schmidt is listed as a co-owner of the property.
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