A new Miami Beach office building backed by ex-Google Chief Executive Officer Eric Schmidt will seek some of the highest rents ever seen in that market to cater to the growing number of hedge funds and finance firms expanding in the region.
Developers Sumaida + Khurana and Bizzi & Partners are building The Fifth Miami Beach, a boutique office property with roughly 60,000 square feet (5,570 square meters) of rentable space, according to a statement Tuesday. Schmidt is a co-owner of the building, according to city filings. The developers and a representative for Schmidt declined to comment on his involvement.
