Chicago-headquartered private equity firm Thoma Bravo is opening in Brickell, where it expects to station 30 employees — at least 10 of them new, according to Chip Virnig, a firm partner.
Their new home: the top two floors of 830 Brickell, the 55-story landmark tower designed by the architects responsible for two of the world’s tallest skyscrapers.
Twenty employees from Thoma Bravo’s Chicago and San Francisco offices have committed to relocating to Miami. The firm is actively seeking at least 10 investment professionals that can help manage new deals. “We look to hire energetic and creative people that share our excitement about disruptive technologies and a love for investing,” Virnig said by email. The firm declined to comment on the typical salary it pays its investment professionals, but according to Salarylist, the median salary at the firm is north of $90,000.
Thoma Bravo expects to move into its permanent quarters in late 2022, said Virnig. The firm first announced it would expand to Miami in February — following earlier announcements by Blackstone, Microsoft, Icahn Enterprises, Marathon Asset Management, Balyasny Asset Management, Hidden Lake Asset Management, Hagerty Garage and Social and Nucleus Research.
Brickell has emerged as the nexus for the largest tech and financial firms moving into Miami. At least 700 new jobs are coming in the next few years as companies expand and relocate to Miami.
More than 10 companies are looking at 830 Brickell, according to insiders. Miami’s second-tallest office tower (after Southeast Financial Center) is being developed by Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International and designed by renowned architects Adrian Smith + Gordon Gill, designers of Dubai’s Burj Khalifa, the world’s tallest building. WeWork has signed on as anchor tenant and Microsoft is said to be considering the building as well.
The resurgence — led by the influx of new-to-Miami companies — is a stark contrast to conditions last fall, when many experts questioned whether the office market was dead in the wake of the remote-work trend fostered by the pandemic.
“Brickell is quickly becoming one of the most vibrant business centers in the entire country,” Virnig said. “Once we saw the plans for the 830 Brickell development project we knew it was the perfect home for our new office. The building and the development project is symbolic of innovation and differentiated thinking and consistent with the ethos Thoma Bravo is looking to bring to Miami.”
Brian Gale, vice chairman of Cushman & Wakefield, which is managing leasing for the building, said tenants considering 830 Brickell “reflect the industries that dominate the Brickell Financial District, as well as those which are emblematic of the ‘New Miami.’
“These include technology companies, financial service providers and banks, hedge funds, law firms and private equity firms.”
Orlando Bravo, co-founder and managing partner of Thoma Bravo, will be among those working from Miami. After buying Phil Collins’ Miami Beach house in January, Bravo and his family are calling Miami home.
“Miami’s rich diversity and fast-growing technology and business hubs make it the ideal location for Thoma Bravo as we expand our business,” Bravo said. “I want to thank Mayor [Francis] Suarez for his support and encouragement in our decision to establish a new presence in Miami. We look forward to driving growth and innovation in the region as well as doing our part to contribute to the vibrant local community.”
Applauding Suarez’s efforts to attract financial and tech firms to Miami, Bravo met with Suarez in April to discuss opportunities of how Thoma Bravo can collaborate with the mayor’s office.
“I am so excited to welcome Thoma Bravo to our great city and I want to congratulate the team on finding a home in one of the most cutting-edge buildings in the Brickell neighborhood,” Suarez said by email. “I have thoroughly enjoyed getting to know Orlando and I know that he and his firm share our vision for a Miami that sits among the most innovative and adaptive cities in the world.”