Dec 5, 2024
Ken Griffin, CEO of Citadel, owns a 4.2-acre site in Miami’s Brickell neighborhood where he plans to build Citadel’s new headquarters. However, a 22-story condominium building called Solaris at Brickell Bay stands in the middle of this site.
Over the past two years, nearly half of the 141 units in Solaris have been purchased by similarly named Delaware LLCs, sparking speculation that Griffin may be behind these acquisitions. These purchases have been made in all-cash transactions, with recent units selling for around $750,00.
The buyout strategy is significant because if a buyer acquires 80% of the units, they can potentially force the remaining owners to sell, paving the way for redevelopment. This approach is increasingly common in Miami due to the scarcity of available waterfront parcels.
Residents of Solaris have grown suspicious, with one noting that Citadel’s head of real estate viewed their LinkedIn profile[8]. The condo association recently passed a $2 million assessment for repairs, which some residents believe might be a tactic to pressure owners to sell.
Griffin’s spokesman has declined to comment on the matter, leaving the identity of the mystery buyer unconfirmed. If Griffin is indeed behind these purchases, it could allow for further expansion of his planned development, which includes a 54-story tower with offices, a hotel, and restaurants.
Dec 4, 2024
Elon Musk, co-leader of the newly formed Department of Government Efficiency, plans to enforce a full five-day workweek for all federal employees as part of efforts to slash government spending and regulations. Musk and fellow Trump administration adviser Vivek Ramaswamy argue that work-from-home policies are an expired “privilege” and that requiring in-office presence could lead to voluntary terminations, potentially reducing the federal bureaucracy by 25%. This initiative aligns with Musk’s commitment to cut at least $2 trillion from the annual U.S. budget and reduce the number of government agencies. However, the proposal faces opposition from government employee unions and may conflict with the federal government’s ongoing efforts to reduce its leased office space, particularly in Washington D.C., where office vacancy rates have reached record highs.
Nov 21, 2024
Miami developer Ytech has begun construction on The Residences at 1428 Brickell, an 860-foot luxury high-rise partially powered by solar energy through a “solar backbone” of 500 photovoltaic-integrated windows. This innovative 70-story tower will generate up to 175 megawatts of clean energy annually, reducing carbon emissions by 4,700 tons without relying on tax incentives. Featuring 195 fully furnished units priced from $3 million to $60 million, the project caters to Miami’s growing demand for larger, high-end condominiums. With over 50% of units presold, the building will include wellness-inspired amenities and is set to open in 2028, contributing to Miami’s status as a “vertical city.”
Nov 21, 2024
Blackstone, a major private equity firm, has agreed to acquire a majority stake in Jersey Mike’s Subs for around $8 billion, aiming to accelerate the sandwich chain’s expansion. Jersey Mike’s, the second-largest U.S. sandwich chain with over 3,000 locations, plans to leverage Blackstone’s expertise in growing franchise businesses to enhance U.S. and international growth, as well as invest in technology and digital transformation. Despite challenges in the restaurant industry, franchisors like Jersey Mike’s continue to attract investors due to their strong cash flow and growth potential. Founder and CEO Peter Cancro, who has led the company since 1975, will retain a significant stake and continue managing operations. The deal reflects Blackstone’s broader strategy of investing in high-growth franchises, adding to its recent acquisitions in the dining and hospitality sectors. Completion is expected in early 2024.
Nov 13, 2024
The Washington Post has announced a return to a five-day in-office workweek starting next year, ending its remote and hybrid policies established during the pandemic. Publisher Will Lewis emphasized the importance of in-person collaboration, stating that the company thrives on “great office energy.” Managers are required to return by February 3, 2025, while all other employees will follow by June 2. This shift aligns with similar policies from major companies like Amazon, which also recently mandated full-time office attendance. The move has faced criticism from the Washington Post Guild, which argues that it may disrupt productivity rather than enhance it.
