31 Oct Palm Beach’s “Wall Street South”: Family Offices and the Financial Firms Moving Here

Palm Beach’s “Wall Street South”: Family Offices and the Financial Firms Moving Here

Since 2020, hedge funds, banks and asset managers including Elliott Management, Point72, Goldman Sachs, Millennium, BlackRock, JPMorgan and Wells Fargo have opened or moved offices to West Palm Beach, and Citadel has moved its headquarters to Miami, part of a wave the Business Development Board of Palm Beach County says has seen more than 250 financial firms relocate to or expand in the county over the past decade. This guide covers who has come, the new office towers, why firms say they move, and what it has meant for rents and homes, as of October 31, 2026.

Facts come from the companies, the Business Development Board of Palm Beach County, the Florida Department of Revenue and established press, as dated below. Companies are named as subjects of this article, not as partners. This is general information, not tax or investment advice.

At a Glance

Where the Nickname Came From

We could not find who first called the area “Wall Street South,” a nickname other cities have also claimed. The South Florida Business Journal used it in a February 2018 headline about Palm Beach’s push to attract finance firms, Bloomberg Opinion used it in a June 2021 headline about Goldman Sachs, and the Business Development Board of Palm Beach County now says the region has “earned the title of ‘Wall Street South,’” pointing to a 2023 New York Post article.

Who Has Come to West Palm Beach

• Elliott Management said in October 2020 it was moving its headquarters from Manhattan to West Palm Beach, keeping a New York presence, The Real Deal reported; Commercial Observer later named it a tenant at 360 Rosemary.
• Point72 Asset Management planned to open an office at 360 Rosemary by the end of June 2021, starting with about 45 people across its new Florida offices, Bloomberg reported.
• Millennium Management leased 40,000 square feet for about 150 employees at CityPlace Tower, 525 Okeechobee Boulevard, Commercial Observer reported in October 2021.
• BlackRock subleased about 5,000 square feet at 360 Rosemary for 35 staff, saying its headquarters would stay in New York, Commercial Observer reported in 2022.
• Goldman Sachs and JPMorgan Chase are tenants at 360 Rosemary, Commercial Observer reported in May 2024; JPMorgan’s private wealth business will also open on a full floor at One Flagler, according to the developer, Related Ross.
• Wells Fargo leased about 50,000 square feet at One Flagler for its wealth and investment management headquarters, with about 100 employees expected to move by the end of 2026, Bisnow reported in January 2026.
• MSCI and Solomon Partners were opening offices at Phillips Point, Bloomberg Government reported in August 2026.

The Business Development Board says more than 250 financial firms have relocated to or expanded in the county over the past decade, and its chief executive called 2025 the “third major wave of financial migration — 2013, 2020, and now 2025.”

Miami: Citadel and Brickell

Citadel and Citadel Securities announced on June 23, 2022 that they would move their global headquarters from Chicago to Miami, according to Citadel Securities. Their planned tower at 1201 Brickell Bay Drive was filed at 54 stories and about 1,032 feet, designed by Foster + Partners, on a site bought in 2022 for a record $363 million, Commercial Observer reported. Bisnow reported in June 2026 that the project is valued at $2.5 billion, that Citadel entities plan to take about a third of the tower, and that vertical construction was targeted for the fourth quarter of 2026. Blackstone also announced a Miami-area office for about 215 technology workers in 2020, Bloomberg reported.

The New Office Towers

• 360 Rosemary: a 20-story tower completed in November 2021, WPTV reported, which Commercial Observer called the city’s first Class A office building since 2008; reported sizes are about 300,000 square feet.
• One Flagler, 180 Lakeview Avenue: 25 stories and nearly 270,000 square feet, opened in February 2025, CoStar reported, and 100% leased by January 2026, Bisnow reported.
• 10 and 15 CityPlace: two towers of roughly 480,000 and 500,000 square feet, financed with a $772 million construction loan, Commercial Observer reported in December 2025; the developer expects completion in 2027.

All three are developments of Related Ross, Stephen Ross’s West Palm Beach company, according to Commercial Observer and CoStar.

Why Firms Say They Come

“Florida does not impose a personal income tax,” according to the Florida Department of Revenue, though the department notes that Florida does impose a corporate income tax. In 2020, Goldman executives weighed tax advantages, and pandemic-era remote work convinced leadership that more roles could leave the New York area, Bloomberg reported. Point72 said its new offices would serve employees who wanted to move south. The Business Development Board’s chief executive said in November 2025 that “Palm Beach County isn’t a temporary tax shelter.”

What It Has Meant for Rents and Homes

Office asking rents in the West Palm Beach–Boca Raton market rose 21.2% in a year to $49.90 a square foot in June 2026, compared with $61.00 in Miami and $95.30 in Brickell, according to Yardi Matrix data published by MIAMI REALTORS. In the first quarter of 2026, the average single-family price in the Town of Palm Beach was up 18% from a year earlier, and the single-family median in West Palm Beach and Lake Worth was up 20%, according to Corcoran. We found no source that measures how much of that is due to the finance moves, so read these figures as context.

We also could not find a current, official count of family offices in Palm Beach County or Miami; the Business Development Board publishes none.

Questions for Relocating Executives

1. Where is your firm’s office, and how long is the commute from the neighborhoods you are considering?
2. Are you moving your domicile to Florida, or keeping one in New York or Connecticut?
3. How will your state income tax and your firm’s tax position change, according to your own adviser?
4. Do you need a home ready by a set start date, or can you rent first?
5. Which schools will your children attend, and what are their deadlines?
6. Do you want walkable downtown living near the offices, or a house on the water?
7. Will you need a second office or home in Miami?
8. How have prices and rents moved where you plan to live?

The Bottom Line

West Palm Beach now has a cluster of hedge funds, banks and wealth managers around 360 Rosemary, One Flagler and CityPlace, and Miami has Citadel’s headquarters on Brickell. For executives moving here, the practical questions are the commute, domicile, schools and whether to rent before buying.

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• Moving to Florida from New York or Connecticut
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• West Palm Beach, FL guide

Last updated October 31, 2026. Facts come from the sources listed above, checked on that date, and may change. Not legal, financial, tax or investment advice. Full disclaimer