More billionaires are trading the streets of New York and boardrooms of California for the sunny, tax-friendly city of Miami—and they’re bringing their employees with them. Google is snatching up more office space in the South Florida metropolis, just as its cofounders are buying million-dollar mansions right on the waterfront.
Google’s parent company, Alphabet, has quadrupled its office space in Miami this year, signing a lease to expand its footprint to around 45,000 square-feet, according to reporting from Bloomberg.
It’s a huge jump from the roughly 10,000 square-feet the $4.2 trillion tech company already owns in the city’s financial district; the office, located at 1450 Brickell Avenue, is flush with a fitness center, rooftop terrace, and panoramic views of Biscayne Bay. And the expansion signals a greater investment in working out of Florida: a state with no personal income tax, and a business-friendly regulatory environment.
And right around when the company snatched up more Miami office space in the spring, its cofounders also forked over millions for real estate in the coastal area, sources said. Larry Page, worth $297 billion, and Sergey Brin, with $276 billion to his name, have both uprooted to Florida as their previous home state, California, gears up for a ballot referendum on taxing the assets of the wealthy. It’s a part of a migration trend as more billionaires like Ken Griffin, Carl Icahn, and Keith Rabois flock to other tax-haven areas of the U.S.
It’s no surprise that Google is working out of Miami; the tech giant has maintained a smaller outpost there for nearly a decade. And still, the space pales in comparison to its other employee hubs. Its Mountain View, California headquarters—a sprawling campus with cafes, volleyball courts, and miles of biking paths for tens of thousands of workers to enjoy—is still the heart of Google’s operations. Then there’s its massive office in New York City, flush with wellness offerings and aesthetic communal spaces.
Yet, by expanding its Miami office layout fourfold, Google is part of a broader trend of businesses and wealth flooding into the region.
Fortune reached out to Google for comment.
The Google cofounders own around $225 million worth of real estate in Miami
Billionaire and millionaire transplants are flooding into Miami, breaking real-estate records and creating a new fabric of wealth in the coastal community.
In just the past year, Brin added a Miami megamansion to his $197 million property portfolio. In March, it was reported that the billionaire purchased a 7-bed, 8.5-bath estate on the exclusive Allison Island for $51 million, just months after buying up two other homes. The roughly 10,000 square-foot property is among fewer than 50 homes in the heavily secured, gated island.
And Page is less than a 20-minute drive from his cofounder. The 53-year-old billionaire has snatched up two waterfront estates in Coconut Grove for an estimated $173.4 million. One includes a $101.5 million megamansion—among the most expensive real estate purchases in Miami history, just under Ken Griffin’s $107 million record-setting purchase in the neighborhood.
The sprawling waterfront compound, known as Banyan Ridge, spans 4.5 acres and includes 13 bedrooms, 15.5 bathrooms, two primary residences, and a private dock and boat lift right on the shore of Biscayne Bay.
Page also bought a $71.9 million, seven-bedroom home within one of the most exclusive gated communities in the area: Camp Biscayne.
The roughly 10,400-square-foot waterfront home features eight bathrooms, expansive outdoor entertaining space, and direct bay access. And perusing through the extremely private, walkable area, he’s bound to run into Inter Miami co-owner Mas and hedge fund founder Griffin.
Billionaires are moving their operations and forwarding addresses to Miami
Miami has become a hub for unicorn companies hoping to capitalize on Florida’s business-friendly tax climate, growing talent pool, and influx of wealthy investors.
Griffin—and his hedge fund Citadel—made perhaps the highest-profile corporate move when they relocated from Chicago to Miami in 2022. The billionaire said he shifted the firm’s headquarters in search of a more business-friendly environment, frequently criticizing Illinois’ tax policies, rising crime, and fiscal management while praising Florida’s low-tax, pro-business climate.
Tech company Palantir also relocated its headquarters from Denver, Colorado to Miami. Its CEO Alex Karp had previously cited moving its operations out of Silicon Valley due to “increasing intolerance and monoculture,” wanting to work in a broader cross-section of America.
Cofounder Peter Thiel has likewise expanded his South Florida presence, opening an office for his venture capital firm, Founders Fund, in Miami and praising Florida’s lack of a state income tax.
Private equity giant Blackstone has also expanded its footprint in South Florida, opening a Miami office and increasing its investment activity in the region as more financial firms migrate to the state. The company’s CTO John Stecher also cited wanting to be the top pipeline for tech talent, and the “world class amenities” of sunny Miami attract the best of the best.
“Miami is a vibrant market with a pipeline of top talent from best-in-class technology programs and a large technology footprint,” Jennifer Friedman, Blackstone’s former managing director of global public affairs, said in a statement back in 2020. “[The office] will enable us to diversify our talent pool and grow our technology team.”
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