WEST PALM BEACH, FLA. (March 3, 2021) –  The City of West Palm Beach continues to see solid activity from companies looking to relocate and is quickly earning the distinction of “Wall Street South,” according to Business Development Board of Palm Beach County (BDB) CEO Kelly Smallridge at the Chamber of Commerce of the Palm Beaches annual Corporate Virtual Breakfast on February 25, 2021.

Representing financial services, technology and life science/biotechnology industries, at least seven companies are currently relocating or are considering relocation to the City West Palm Beach. They are poised to bring more than 770 jobs to the city.

Technology:

• ‘Project Wire,’ a relocation prospect out of France, is considering moving their international headquarters to West Palm Beach. The company is looking to take 9,000 sq. ft. of flex space for 20 jobs with an average salary of $75,000.

Life Science/Biotechnology:

• Exuma Biotech, formerly F1 Oncology, is adding 80 employees to 625 N. Flagler Drive and built out 10,000 sq. ft. of office space.

Financial Services:

• Elliott Management, a $41 billion hedge fund, is relocating headquarters to downtown West Palm Beach. The company will lease a 25,000 sq. ft. office at 360 Rosemary.
• Point72 intends to relocate to West Palm Beach, also at 360 Rosemary, by the end of June 2021 and intends to relocate 45 employees.
• ‘Project Washington,’ a relocation prospect, is looking to take 50,000 sq. ft. of office space in downtown West Palm Beach. Project Washington would bring or create 600 jobs in downtown West Palm Beach with an average salary of $75,000.
• ‘Project Lake,’ a relocation prospect in the financial services industry, is looking to take 5,000 sq. ft. of office space for 20 jobs in downtown West Palm Beach with an average salary of $424,000.
• ‘Project Kraft,’ a relocation prospect, is looking to take 5,000 sq. ft of office space for five jobs and is also in the financial services industry coming from the Northeast.

While the average salary in Palm Beach County is $55,000 (the second highest in the state), the average salary of many of the financial service companies relocating to West Palm Beach is closer to $470,000, stated Ms. Smallridge.

Mayor Keith A. James and the City of West Palm Beach Office of Economic Development work with the Business Development Board to attract and relocate businesses to our city to improve the local economy, create jobs, and expand opportunities for all residents. The BDB is the official public/private economic development organization for Palm Beach County.

“We are pleased with the tremendous interest in our city, especially during these unprecedented times,” said West Palm Beach Mayor Keith A. James. “West Palm Beach has so much to offer including a low-tax, business-friendly environment, a great quality of life, and a sunny, temperate climate. These attributes are helping me to create a community of opportunity for all by driving the surge of economic development and interest in our city.”

“COVID-19 has accelerated the decision among executives in the northeast to move their operations to South Florida,” said BDB CEO Kelly Smallridge. “Technology has allowed them to do business anywhere. Why not beautiful Palm Beach County and South Florida?”

Many financial services firms are moving to the city’s Flagler Financial District (District), an urban corporate zone that is dedicated to business and financial enterprise. The District offers companies the opportunity to thrive within a synergistic community of businesses in a city that offers America’s most extraordinary combination of business opportunity and fulfilling lifestyle. To date, approximately 75 financial services firms have moved to downtown West Palm Beach.

For information about the City of West Palm Beach, please visit: www.wpb.org or call (561) 822-1200 (TTY: 800-955-8771).