Microsoft is considering opening an office in Miami's business core.
According to multiple sources who declined to be named, Microsoft is reviewing at least two Class A options for a new Magic City footprint: one, at the still-under-construction 830 Brickell, and the other at 801 Brickell office tower. All sources cited the sensitive nature of ongoing discussions as the reason for reticence.
This story is a subscriber exclusive
Microsoft already has a physical presence and staff in South Florida, including a Latin America group in Fort Lauderdale. The purpose of a new office — or its size — were not clear. A Microsoft representative declined to comment.
Should it sign a lease, Microsoft would join global financial group Blackstone among corporate behemoths that have established a substantial technology presence in Miami. Last week, Blackstone announced it had signed a multi-year lease at 2 MiamiCentral to house as many as 215 employees. Terms were not disclosed.
Business Insider was the first to report the Microsoft news.
While other technology firms including Twitter and Spotify have offices here, these are primarily designed to serve Latin American markets.
Alan Kleber, managing director at commercial real estate group JLL Miami, said the interest in Miami among potential new-to-market corporate clients over the past several months is unprecedented.
"I have never seen anything like it," he said.
Historically, he said, most new-to-market tenants have merely looked to establish a beachhead from which to serve hemispheric clients.
"That's been beneficial, but it hasn't been on scale or caliber of we're witnessing now," he said. "Now the focus is not just on serving Latin America, but the north, east, south and west of America. So it's a time to buckle up and watch what happens."
A representative for the Beacon Council, the official economic development organization for Miami-Dade, declined to comment about Microsoft.
"We have seen a significant increase in incoming queries over the past 6-8 months, requests for information are coming in daily," the organization said in a statement.
Blackstone stands to receive up to $650,000 in county incentives if it meets its hiring target.
Eddy Arriola, chairman and CEO of Apollo Bank, said he gets calls nearly daily from out-of-town clients looking to establish a new relationship.
"The profile of our bank is high-end services to entrepreneurs and business people, and every single day I'm hearing from another high-net-worth individual looking to put some down some roots. And it's not, 'I want to buy a gas station, a condo, some small investment.' It's, 'I'm moving, whether it's six moths and a day or making this my primary [residence], or retiring, or wanting to start putting my kids in school here.
"It's every day and it's for real."
Other financial and technology firms that have recently announced Miami offices include venture capital group Founders Fund; investment services groups Citadel and Boston Financial; business conglomerate Icahn Enterprises LP; hedge funds Marathon Asset Management; Balyasny Asset Management; Hidden Lake Asset Management; and tech consulting firm Nucleus Research.
Arriola noted that while these firms will bring significant wealth to the area, they are still not — yet — bringing or creating hundreds of new jobs.
"I'm not getting phone calls from a Dell or Google, companies that would create real jobs for the middle class — those aren't the stories I'm hearing."
