Private equity firm Alvarez & Marsal Capital is opening an office in West Palm Beach, Florida, expanding its reach into the Sunshine State.
(Bloomberg) — Private equity firm Alvarez & Marsal Capital is opening an office in West Palm Beach, Florida, expanding its reach into the Sunshine State.
AMC, a Greenwich, Connecticut-based company that manages more than $4.6 billion, has signed a lease at 300 Banyan, a 12-story office development that’s under construction, according to a statement Wednesday. AMC already has offices in Manhattan Beach, California, and London as well.
The building, developed by Brand Atlantic and Wheelock Street Capital, will have six stories of office space with shaded private terraces on every other floor. The property’s amenities will include an indoor-outdoor gym, a golf simulator lounge and a rooftop cocktail bar. AMC will be taking about 10,000 square feet (929 square meters) at the building.
“It’s a beautiful building with incredible water views, and the access to the waterfront, all of the restaurants, and the Brightline station are all just steps away,” AMC’s Jack McCarthy said in the statement.
Finance firms have been establishing outposts in South Florida to cater to more clients in the region. Goldman Sachs Group Inc. has opened an office in West Palm Beach and Chicago-based private equity firm GTCR snagged a spot at Related Cos.’s One Flagler building. Last year, Ken Griffin relocated Citadel’s headquarters to Miami.
Brand Atlantic’s Andrew Dance said the company has seen interest largely from financial tenants, with some demand from energy companies and tech businesses.
“Having a South Florida office is helping them attract talent,” Dance, a managing partner at Brand Atlantic, said.
(Updates with office size in third paragraph, comment from Brand Atlantic starting in sixth paragraph.)
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