Global Investment Management Firm Pretium Chooses Miami Beach for Expansion
(Miami Beach, FL) Dec 15, 2022 -
Specialized investment management firm Pretium has announced plans to open an office at Deco Capital Group’s Eighteen Sunset, a Class A office building being constructed at 1769 Purdy Avenue in Miami Beach. Pretium has leased 11,591 square feet on the fourth floor of the project, which together with other completed leases represents approximately 80% of all available office space at Eighteen Sunset. About 9,500 square feet in the building is still available.
“Miami Beach is excited to welcome Pretium to our community where our business assistance programs and incentives ease the ability of doing business, and our culture and lifestyle benefit business leaders, create jobs, and attract and retain talent,” shared Miami Beach Mayor Dan Gelber.
With more than 4,500 employees, Pretium has over $50 billion in assets under management across U.S. residential real estate, residential credit and corporate credit. Pretium’s Miami Beach office will span more than half of the fourth floor in the five-story building. The company will join a multibillion-dollar, publicly traded Toronto firm that signed a 20,000 square foot lease earlier this year. On the ground floor, Uchiko, a restaurant concept by award-winning Hai Hospitality group, will occupy approximately 6,000 square feet of space. Stephen Rutchik, executive managing director of Colliers International Florida, and Neil King, vice chairman of CBRE New York, represented Deco Capital Group in the transaction, and Daniel Posy, executive managing director of JLL New York, represented Pretium.
“Pretium is excited to be expanding its office presence to Miami, a region with a growing financial services community,” said Laura Cappiello, Pretium’s Chief Human Resources Officer. “Having an office in Miami will enable Pretium to attract and retain premium talent and broaden the pool of diverse candidates we seek to recruit.”
“Miami Beach has seen a significant increase in inbound investment, and the most fundamental change to the city’s economy has been the drive to develop Class A, best-in-class office space capable of accommodating the needs of preeminent global companies,” said Bradley Colmer, founder of Deco Capital Group. “Pretium operates from exemplary offices in international financial hubs and is proud to be one of the trailblazing companies relocating or expanding and establishing a more substantial presence in South Florida. Pretium is drawn to Eighteen Sunset for its quality design, prime waterfront location in the Sunset Harbour neighborhood and market-leading amenities and views.”
The City of Miami Beach has assisted a number of technology and financial services companies in expanding or relocating their operations after launching meaningful business incentive programs and business concierge services in 2021. Pretium participated in the city’s Expedited Plan Review and Permitting Program which offers an accelerated permitting review process of 10 business days. The city’s Job Creation Incentive Program offers an incentive of up to $60,000 per year for up to four years for businesses in targeted industries that create or relocate a minimum of 10 new, full-time jobs with average annual wages that meet or exceed 125% of Miami-Dade County or Florida average wages.
“It is really encouraging to see great companies, like Pretium and others, take advantage of Miami Beach’s programs and services,” affirmed Miami Beach City Manager Alina Hudak. “These programs were created to diversify the Miami Beach economy for the benefit of the entire community.”
About City of Miami Beach Economic Development Department
The City of Miami Beach Economic Development Department is dedicated to fostering a robust ecosystem that stimulates balanced growth by connecting businesses, communities, people and jobs through business assistance and resources, community and commercial development and redevelopment, real estate and creating a diverse economy for a dynamic and resilient community.
Pretium is a specialized investment firm focused on U.S. residential real estate, residential credit and corporate credit. Pretium was founded in 2012 to capitalize on secular investment and lending opportunities arising as a result of structural changes, disruptions and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit and corporate credit markets, and believes that its insight and experience within these markets creates a strategic advantage over other investment managers. Pretium’s platform has approximately $50 billion of assets and employs more than 4,500 people across 30 offices, including Dubai, London, Seoul and Sydney. Please visit www.pretium.com for additional information.
About Deco Capital
Deco Capital Group is a Miami, Florida-based real estate development and investment firm that brings to life transformative mixed-use and hospitality assets in urban-driven growth markets with high barriers to entry, with projects currently in Miami Beach and Miami’s Allapattah neighborhood. Deco Capital, and its long-time partner, RWN Real Estate Partners (led by Ari Shalam and the majority capital partner in Eighteen Sunset), have owned and operated in Sunset Harbour since 2014. Since its inception, Deco and its principals have led direct equity investment, financing, construction and project management for developments totaling more than 2 million square feet of space and valued at more than $7 billion. Deco Capital and its principals pride themselves on the highest level of execution in complex situations, emphasizing problem-solving, precision and data-driven analysis to drive investment returns. Learn more at www.decocapital.com.
About Eighteen Sunset
Eighteen Sunset’s ground floor features 17,000 square feet of restaurant and retail space at street level, a central cobblestone breezeway and cantilevered, covered sidewalk connecting to Maurice Gibb Park. The building has parking on the second level and 40,000 square feet of Class A office space on the third and fourth floors, topped by an exclusive penthouse encompassing nearly 30,000 square feet of interior and exterior space.