Hedge funds swarm into Palm Beach
Influx of asset management firms is driving up commercial rents
October 24, 2016 09:45AMBy Dan Weil
From the fall issue: The City of Palm Beach and neighboring West Palm Beach are becoming ever more attractive to alternative asset managers. Some firms that have long been based in money management strongholds like New York, Boston and Greenwich are picking up stakes and moving to the Sunshine State.
“We definitely could become a little Greenwich, Connecticut,” said Jeff Greene, a billionaire real estate investor and developer living in Palm Beach. He said he’s friendly with several hedge fund chiefs who’ve opened offices in the area in recent years.
South Florida as a whole — including Palm Beach, Broward and Miami-Dade counties — is home to at least 60 hedge funds, 19 private equity firms and more than 200 family offices, according to Miami consulting firm Newlink Group. [more]
Source: The Real Deal