Blackstone to open Miami tech HQ
Blackstone is planning to open a regional technology-focused headquarters office in Miami for back office tech professionals.
According to Jennifer Friedman, managing director and deputy head of Blackstone’s public affairs, the firm is expanding its in-house technology capabilities to accommodate internal demand for business-enabling services as the firm continues to grow. “Miami is a vibrant market with a pipeline of top talent from best-in-class technology programs and a large technology footprint, which will enable us to diversify our talent pool and grow our technology team,” she said.
Official Miami-Dade county documents dated 14 September and 6 October referred to this latest move, The Drawdown has learned.
The “Confidential Project: Sunshine” document states it “is planning to construct and build out a 50,000 sq.ft. regional technology headquarters office. The company plans to commence construction in FY2020.” However, the document also states growing its operations in New York has been considered as an alternative option.
The Miami office aims to support Blackstone’s tech team’s immediate need for more talent, The Drawdown understands. The firm is understood to be looking to fill roles in infrastructure, cyber, help desk, and web/finance system developer, and the skill sets available in South Florida correspond with these positions.
Confirming the move to the Miami Herald, John Stecher, Blackstone’s CTO said, “We want, from a tech perspective, a peer to New York in terms of talent, and the population and universities, and the tech pipeline, all that mirrored what we [have] here.”
The announcement follows Stecher’s appointment in February. He joined Blackstone from Barclays to lead the firm’s global tech organisation and help advise its investment teams and portfolio companies on tech-related issues. It is understood Stecher will not be relocating to Miami as part of Confidential Project: Sunshine and will continue to work from the firm’s New York headquarters.
Having a separate tech HQ for private equity has long been discussed, but few GPs have executed on the idea. PwC predicted the industry could move to this model back in its 2014 report: Alternative asset management 2020 Fast forward to centre stage.