Still in Greenwich Starwood lists Miami headquarters
On the heels of CEO Barry Sternlicht choosing Miami Beach two years ago as his new home, Starwood Capital Group is now designating Miami as its headquarters, while maintaining space in the Greenwich office building where the firm had previously been based.
Starwood Capital has noted the change on its main website listing primary contact information, while still listing its Greenwich offices at 591 W. Putnam Ave. in many official documents, including in the annual reports of several subsidiaries it filed this month with the Florida secretary of state’s office. Starwood Capital representatives could not be reached immediately Wednesday for details of the company’s headquarters choice of Miami.
With assets of $55 billion under management today, as of last October Starwood was ranked the largest real estate investment trust based in Connecticut, according to calculations by Pensions & Investments and Willis Towers Watson.
Starwood had been the third largest asset manager of any kind based in Connecticut, taking a backseat only to hedge funds Bridgewater Associates and AQR Capital Management, based in Westport and Greenwich respectively.
While Bridgewater and AQR have chosen to expand in Connecticut — both seeing millions of dollars in incentives from the state to do so — Sternlicht was candid in 2016 on how he felt about the state where he built his real estate empire, after disclosing his new residency in Florida and spending $17 million for waterfront land for a new mansion.
“You can’t give away a house in Greenwich,” Sternlicht said in September that year. “Connecticut got too close to the Manhattan tax rates. We used to have no taxes.”
Starwood employs 3,800 people in 11 offices, after reporting a workforce of more than 2,000 only a year ago. In addition to the 34,000-square-foot office building Starwood Capital has on West Putnam Avenue, its Starwood Energy Group affiliate has offices at the nearby Greenwich Office Park.
On Wednesday, Starwood announced it had capped the largest new fund in its history with investor commitments of $7.6 billion, with the company having already drawn on the fund to take private Milestone, an REIT with more than 24,000 apartments in the United States, and to acquire nearly 2 million square feet of office space in the El Segundo section of Los Angeles.
Starwood also used the fund to invest a reported $250 million for a 30 percent stake in Yotel, a London-based luxury micro hotel operator that compares its services to what one would experience traveling on a first-class airline ticket.
Alex.Soule@scni.com; 203-842-2545; @casoulman