Billionaire Peter Thiel, who founded Palantir Technologies and PayPal Holdings, snapped up space that just became available in Miami's most sought-after office building — and paid a record price in the process.
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Thiel Capital, the private investment firm and family office of the influential entrepreneur, signed a lease for 18K SF for about $250 per SF on the 44th floor of 830 Brickell, Bloomberg reported.
The deal is the most expensive office lease in Miami history, eclipsing the previous record set by Brazilian bank Banco Master SA for the same space, which it leased for nearly $200 per SF.
The bank shuttered in November amid a fraud investigation, leaving its space in the 57-story office tower untouched.
Los Angeles-based Thiel Capital manages the personal investments of Thiel, who is the world's 87th-richest person, with a net worth of roughly $29B, according to Forbes. It signed a lease last year to open its first Miami office in Wynwood, but it is unclear if the firm will keep that space.
Cushman & Wakefield, which leads leasing for 830 Brickell, didn't respond to a request for comment. A representative for Thiel Capital didn't respond to a request for comment.
The 724-foot skyscraper at 830 Brickell Plaza broke ground before the pandemic as the first trophy office tower to rise in Miami in a decade. It was the prime beneficiary of the pandemic-era corporate migration, landing Citadel's headquarters and offices of Thoma Bravo, Kirkland & Ellis and Microsoft.
The 640K SF building features a sky lobby, a gym and a private club that offers memberships for $25K on the 54th and 55th floors.
OKO Group and Cain, which developed the tower in 2024, didn't respond to a request for comment.
This isn't the first Thiel company to follow him to the Sunshine State, where he has owned a mansion in Miami Beach since 2020. His Founders Fund opened a Miami office in 2021.
Palantir, which Thiel founded in 2003 and where he serves as chairman, announced in a short social media post in February that it was moving its headquarters to Miami. The company is operating out of a coworking space in Aventura.
Thiel's fortune is set to increase significantly this year — he owns stakes in SpaceX and Anthropic, each of which is set to go public in the coming months, Bloomberg reported.
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