Goldman Sachs Nears Office Lease at Related’s West Palm Tower

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Goldman Sachs Group Inc. is nearing a deal to lease offices in West Palm Beach as it shifts some of its asset-management unit to South Florida, according to people familiar with the matter.

The finance giant is in talks for space at 360 Rosemary, a building owned by Manhattan-based developer Related Cos., the people said, asking not to be named because the matter is private.

Representatives for Goldman Sachs and Related declined to comment.

The new space could fit a couple hundred employees, while the bank is also in early discussions about expanding its presence in West Palm with a new office tower, the people said. Goldman already has a small office at Phillips Point, a building nearby that an affiliate of Related agreed to buy in January.

Over the past few months, executives overseeing Goldman Sachs Asset Management and its merchant banking operations have asked managers to identify employees willing to relocate to West Palm Beach, Bloomberg reported in March.

Other New York-based finance and tech firms have also announced outposts in Florida to accommodate employees who have moved south during the pandemic.

Steve Cohen’s Point72 Asset Management is opening an office at 360 Rosemary. Others, including Elliott Management Corp. and Citadel, are also shifting their headquarters or adding outposts in South Florida, which is drawing finance workers from the New York area because of the lower taxes.

Related is investing more than $600 million to develop a mixed-use neighborhood called Rosemary Square that includes the office building where Goldman is close to signing a lease.

©2021 Bloomberg L.P.

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