BNP Paribas Expands South Florida Reach With New Miami Office

A unit of BNP Paribas SA is opening its first office in Miami as the company seeks to expand its global markets business in the US.

BNP Paribas Securities Corp. signed a 7 ½-year lease for space at 801 Brickell Ave., in Miami’s financial hub, that could accommodate nearly 50 employees across credit, equities and macro products, according to a statement Wednesday. The office will open in the fourth quarter and enable the bank to cater to an increasing number of potential clients in the region.

“This office will allow us to be closer and better serve our clients, many of whom have also migrated to the area, particularly Miami and Palm Beach area,” John Gallo, head of global markets Americas at BNP, said in the statement.

With the deal, BNP joins a wave of companies expanding in or relocating to South Florida to be near employees and clients who moved there for the warmer weather, outdoor space and friendly business environment. Last year, Citadel announced it would relocate its headquarters to Miami from Chicago. Hedge fund D1 Capital Partners and venture capital firm Andreessen Horowitz have increased their presence in the area. Major law firms also have opened offices in Miami.

“There was a migration during the pandemic, that has continued to grow,” Luis Berlfein, managing director of global markets at BNP, said in an interview. “We’ve been hosting some well-attended events and we’re seeing there’s critical client mass and good market potential, so it makes sense to serve clients from there.”

BNP’s Miami hub will focus on adding new clients in South Florida, and also provide a gateway to fresh business in Latin America and other areas. The company plans to find current employees willing to move to the region first, before expanding its search to local candidates. While the bank has had a presence in the city before, this is the first Miami office for BNP Paribas Securities Corp.

Miami’s office boom has been an anomaly in the US, where cities from New York to San Francisco have suffered soaring vacancies over the past few years amid the persistence of remote work and tenants’ cost-cutting measures. High demand in Miami’s central business district has tightened the supply of space there, while average asking rents have soared in key areas including Miami Beach, according to Jones Lang Lasalle Inc.

“Miami is very competitive and you have to act very quickly in order to secure the space that you want,” Jeremy Vandel, BNP’s head of Americas real estate, said in an interview. “It's one of the most competitive markets we’ve seen across the US.”

In other recent moves, BNP opened a new office in the Philadelphia area, and has renovated spaces in Manhattan and New Jersey. The company also has offices in Boston, Chicago, Dallas, Denver, San Francisco and Washington.

BNP has been seeking to bolster its markets presence in the Americas. Last year, the bank hired executives from firms including Royal Bank of Canada.