Business
Silicon Valley elite drop record cash to build Florida’s tech capital
Blanca Commercial Real Estate CEO Tere Blanca and DaGrosa Capital Partners Chair Joe DaGrosa speak to Fox News Digital about how a California commercial exodus has followed a residential one to the Sunshine State.
Billionaire venture capitalist Peter Thiel planted a record-setting flag in Miami’s financial core, signing a historic $250-per-square-foot office lease that experts say marks a transition of the West Coast tech exodus from what began as a residential trend into a broader corporate takeover.
As multibillion-dollar liquidity events loom for companies like SpaceX, OpenAI and Anthropic, tech creators and founders are no longer just buying beachfront homes — they are anchoring corporate operations in a booming South Florida commercial ecosystem that insiders describe as “on fire.”
“Peter Thiel in signing that lease, marking a milestone of $250 square foot, absolutely incredible,” DaGrosa Capital Partners founder and chair Joe DaGrosa told Fox News Digital. “With the signing of that lease, it’d probably take a year or two for a build out. Once that build-out occurs, not just Peter, but his entire team will be coming to Miami, and that entire team will be buyers of homes or renters of homes. So you can see how that has a virtuous-cycle effect of going from commercial to residential.”
“The entire region is just on fire,” Blanca Commercial Real Estate founder, chair and CEO Tere Blanca also told Fox Digital. “With billionaires like Larry Page and Peter Thiel and Sergey Brin and others that have taken residency here, what we expect is that they will continue to grow their footprints in the region, as has always been the case, when people migrate to Miami.”
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The migration of California companies to South Florida has followed a residential wealth exodus, according to DaGrosa and Blanca. Miami’s 55-story office tower 830 Brickell, which will welcome Thiel’s family office, houses companies including Citadel, Microsoft and Thoma Bravo.
The building, left, that houses the Thoma Bravo, Citadel and soon Peter Thiel’s family office at 830 Brickell Plaza in Miami, Florida, on March 5, 2025. (Getty Images)
Prior to the post-pandemic boom, Class A office space in Brickell typically leased for about $40 to $60 per square foot, DaGrosa noted. Thiel’s reported $250-per-square-foot lease set a local record, competing directly with top-tier rates in markets such as Manhattan and San Francisco.
“Office space is just like anything else. [It] will be priced based on how much supply and how much demand exists,” Blanca said. “And so with the flight to quality that we’ve experienced in office, even before the pandemic, there is a lot of competition to acquire the best-in-class office space, the best located buildings in areas that feel very familiar to these companies and their executives that are moving here from major cities around the country.”
With California officially putting a billionaire wealth tax on the ballot, tech founders and institutional leaders are looking at the quantitative numbers, as Florida provides a defensive shelter where capital can be deployed without aggressive state intervention.
Ft. Lauderdale DDA CEO Jenni Morejon, DaGrosa Capital Partners founder Joe DaGrosa and Naftali Group CEO Miki Naftali speak to Fox News Digital about how SpaceX, OpenAI and Anthropic IPOs could trigger another exodus to Florida.
“It’s both a quantitative and a qualitative discussion, and those two points go hand in hand. From a quantitative point of view, there’s a significant tax savings opportunity at the state-level by moving to Miami,” DaGrosa said.
“The concern, certainly on the part of a lot of Californians, it’s a wonderful lifestyle out there. Would they be sacrificing lifestyle, the qualitative side of things, for the benefits of the quantitative side? I think they’ve come to realize that they can have the best of both,” he continued, “tax savings and a great quality of life here that rivals, and I would argue surpasses, many parts of California.”
“Companies like Palantir that announced headquarters moved to Miami, Peter Thiel being here, is a… statement to other states about the business practices that make Florida so attractive that they’re not seeing in the places where they were residing,” Blanca added.
“With that influx in capital, states can do more, the county and the city can do more to help their constituents. So I view it as a big positive. It’s just more money to go around to improve the quality of life for everyone who’s living here.”
Critics have argued that Florida lacks the deep engineering talent of Silicon Valley. However, the experts believe local tech hubs are actively shifting. The Miami-Dade Beacon Council reports that tech employment across the county has grown about 25% over the last few years, making it one of the top metro areas for tech job growth in America.
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There’s also notable case studies like Iru — the AI-powered IT and security management firm formerly known as Kandji — a San Francisco-born tech firm that tripled its Miami physical footprint post-pandemic.
Employees at SpaceX’s facility in Hawthorne, California, share their thoughts on the company’s initial public offering. (Splash News for Fox News Digital)
“I think that the technology business in Miami should not be compared to, ‘Oh, this is the next Silicon Valley?’” Blanca said. “Miami has its own dynamic and its own opportunity to become a place for founders and entrepreneurs to succeed… And, to protect companies trying to rebuild that in-person culture, Miami is the place to make it happen, right? We have the highest return to office in the country, I think only second to Manhattan. So it really feels like a vibrant and dynamic community for them to attract the right talent and to cultivate the right talents here.”
“I think the rank and file [employees] have to follow the executives, ultimately. If for no other reason, you need face time with your boss to prove your worth,” DaGrosa said. “So I think you’re going to see a lot of folks following these tech giants. And as evidenced by the increased costs in commercial space, it’s being driven up by the fact that these guys want to bring in their teams.”
Rapid growth brings local challenges, including rising housing costs, supply bottlenecks and heavier traffic. However, leaders in Florida’s public and private sectors say they’re working together to address those challenges as corporate investment continues.
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“The city’s doing a good job of expediting permitting,” DaGrosa applauded. “That was a big problem for a long time, but that’s changed quite a bit under former Mayor Francis Suarez and the commissioners from Miami-Dade County… Miami has adapted to the needs of the folks who are coming in here.”
“Live Local [Act] that was passed by the legislature about three or four years ago is continuing to evolve to provide that relief that we need in terms of facilitating the development of projects that address workforce housing,” Blanca said. “But more importantly, I think that we have a community that is very aware of the challenges that we can have and is very proactive at coming up with solutions with government support to address these challenges.”
“When those projects deliver, we will see that we’ll be in a much better place to check the box as a place where, yes, we have billionaires, and we have great global companies moving here; and yes, you can also bring your employees and your executives here because there is a solution to accommodate all of them at various price points,” she continued.
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As traditional zones like Brickell face massive premium constraints, corporate wealth is decentralizing to the north and south. With multi-million square foot Class A projects delivering across the tri-county Gold Coast corridor, the two insiders say Florida is on a path toward global market dominance.
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“With that influx in capital, states can do more, the county and the city can do more to help their constituents. So I view it as a big positive. It’s just more money to go around to improve the quality of life for everyone who’s living here,” DaGrosa said.
“It’s a natural evolution of what we have seen, even before COVID, where the Sun Belt in general is just experiencing a migration that is phenomenal,” Blanca added. “And there’s opportunity for all cities in the Sun Belt, major cities across the Sun Belt, and for cities around the country to continue to thrive irrespective of what is happening here.”
Coforge shares surged around 5%, while Infosys, Mphasis, HCL Tech and Persistent Systems gained about 4% each. LTI Mindtree and TCS advanced nearly 3% apiece, while Tech Mahindra and Oracle Financial Services rose around 2%. Wipro added nearly 1% in early trade.
The Nifty IT index climbed nearly 940 points, or about 4%, to 26,710. The rebound follows a nearly 7% decline over the previous four sessions, during which the index had fallen to a fresh 52-week low of 25,699 on Wednesday.
Why are IT stocks rising today?
US Federal Reserve Chair Kevin Warsh said inflation expectations and risks have eased in recent weeks. He added that he would stick firmly to the US central bank’s 2% inflation target and disappoint anyone expecting a looser monetary policy stance.”If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed,” Warsh told a European Central Bank panel in Sintra, Portugal. “We have been an independent central bank for a long time. We are going to be an independent central bank at this moment, and you will see no changes on that.”
His comments come as global investors remain concerned about the possibility of multiple rate hikes by the US central bank following its hawkish tone at the last policy meeting. In the first FOMC meeting under Warsh’s tenure, the Fed acknowledged that inflation remained “elevated relative to the Committee’s 2% goal”, attributing it in part to supply shocks that had driven price increases in certain sectors, including energy.
Also read: US Federal Reserve chair Kevin Warsh says he will stick by 2% inflation target, vows to bring in real-time economic data for making interest rate decisions
IT companies derive a significant portion of their revenue from the North American market. Rate hikes or a spike in inflation in the US can weigh on discretionary spending, which, in turn, may affect the sector’s growth prospects.Today’s rally in IT stocks came after Warsh’s comments offered some relief to investors. Traders are now pricing in roughly a 64% probability of a rate hike in September, according to the CME FedWatch Tool.
Nomura expects IT firms to see ‘anaemic’ growth in FY27
While Nomura believes the long-term addressable market for Indian IT companies will continue to expand, it expects near-term growth to remain anaemic. In its latest note, the brokerage said Indian IT services firms, especially large-cap players, are facing a “perfect storm of two key headwinds”.
The first is macro uncertainty stemming from geopolitical tensions in the Middle East and the outlook for interest rates, particularly in the US, which is keeping client spending subdued at the margin.
Nomura also noted that when clients’ technology spending is not growing, competition among IT services companies intensifies, with the economic gains from AI being passed on to customers. With firms such as Accenture indicating that the impact of the conflict on growth could persist in the near term, the brokerage expects FY27 to remain another subdued year for the sector.
The international brokerage expects the upcoming earnings season to be subdued for IT companies, with most large-cap players likely to report weak quarterly growth. It expects Wipro to post the weakest performance, with revenue declining 1.3%, while Tech Mahindra is projected to lead the pack with 1% growth.
“We expect mid-caps, in general, to continue posting stronger growth than large caps. We do not expect any changes to the annual guidance from Infosys and HCL Tech, and expect Wipro to guide for -1% to +1% revenue growth in Q2 FY27,” it added.
Nomura has lowered its revenue growth estimates by 100-200 basis points for FY27 and FY28.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own and do not represent the views of The Economic Times)
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U.S. stocks are set to close out a blockbuster quarter with fresh momentum.
Major indexes are marching toward their best quarterly gains in years. The S&P 500 was up 14% through Monday, and the Nasdaq had jumped 20%-the biggest quarterly rallies for both since the second quarter of 2020.
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Business
From deep correction to fresh peaks: 10 stocks soar from 52-week lows to new highs in just three months
Pidilite Industries, makers of Fevicol and FeviQuick adhesives, hit a 52-week high of ₹1,620 on June 25 from a low of ₹1,259.5 on April 06 driven by a revival in sales volume across retail and industrial markets in the March quarter. It also reported a 300 basis point operating margin expansion to 23% amid lower raw material costs. The stock has clocked a 26% gain so far from the lows hit in April.
AgenciesA REVIVAL MADE IN JUST 3 MONTHS ON THE BACK OF MARCH QUARTER SIZZLE
Tata Communications has gained over 50% from the 52-week low of ₹1,323 hit on April 02 following multiple factors including expectations of growth revival in FY27 aided by improving operating leverage after net profit dropped by 21% past fiscal year, recent fund raising at attractive interest rate to fund short term requirements and positive scenario for enterprise communications demand.
Central Mine Planning & Design Institute (CMPDI), a public sector company that provides consultancy for coal and minerals mining, has undergone a major rerating. The company listed publicly on March 30 at a discount to offer price of ₹172 and sank to a 52-week low ₹150.3 on April 07. A strong fourth quarter performance and attractive valuation catapulted the stock to a peak of ₹267.9 on June 24. It currently trades at around ₹248, gaining 65% from the lows.
Amagi Media, which offers software solutions to global broadcasters and video streaming services, has also gained 65% from the 52-week low level amid expectations of a 15-20% increase in net profit for FY27.
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A new Costco warehouse and gas station are one step closer to coming to Downey, California, after city leaders approved a development agreement for the project, though not everyone is convinced the area needs another location.
The Downey City Council recently voted to move forward with plans for the new warehouse on Firestone Boulevard. City officials say the development is expected to create hundreds of jobs and generate new revenue for public services.
Mayor Pro Tem Horacio Ortiz Jr. praised the project in an Instagram post, calling it an investment in the city’s future.
“The Costco project will create hundreds of jobs, generate new revenue for essential city services, and strengthen our city’s future,” Ortiz Jr. wrote.
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A man pushes a trolley outside a Costco supermarket in Los Angeles, the United States, March 14, 2020. (Xinhua/Qian Weizhong via Getty Images / Getty Images)
The announcement drew mixed reactions from residents, with several questioning why another Costco is needed when warehouses already operate in nearby cities of Norwalk and Lakewood.
“Do y’all really need a Costco when the one at Norwalk is a 15 minute drive away?” one commenter wrote.
Another added, “We want a Trader Joe’s not another Costco.”
Others welcomed the project, arguing nearby Costco locations are often overcrowded and difficult to navigate.
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A Costco store in Vallejo, California, on Thursday, May 29, 2025. (David Paul Morris/Bloomberg / Getty Images)
“The Norwalk Costco has been a nightmare since they redid the parking lot,” another resident wrote. “Happy to welcome one to Downey.”
According to local reports, the project includes relocating the existing Downey Nissan dealership before construction begins on the new Costco. The warehouse and gas station would be built on roughly 13.6 acres that include the former All American Home Center site and the current dealership property.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 924.67 | -10.80 | -1.15% |
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The redevelopment package is expected to cost about $10.5 million and involves Costco Wholesale Corp., Downey Nissan and the owners of the surrounding properties.
The retailer still faces several steps before construction can begin. The project must complete a California Environmental Quality Act review and the city’s entitlement process, which officials expect to take up to a year. Construction of the relocated dealership and the new Costco warehouse would follow, putting the store’s opening several years away.
Business
Exclusive-Japan shifts to ambush intervention tactics against yen short sellers, sources say
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In the Nifty 500 pack, 15 stocks saw their closing prices cross above their 200-day moving average (DMA) on July 1, 2026. Of these, we have highlighted the top 9 stocks that gained more than 3% in the previous trading session, according to StockEdge.com’s technical scan data. Traders use the 200-day daily moving average (DMA) as a key indicator to determine the overall trend in a particular stock. As long as the stock is priced above the 200-day SMA on the daily timeframe, it is generally considered to be in an overall uptrend. Take a look:
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Business
Dividend alert! Last day to buy M&M, other 32 stocks for dividends worth Rs 473. How many do you own
Under SEBI’s T+1 settlement cycle, investors must purchase a company’s shares at least one trading day before the record date to ensure the shares are credited to their demat accounts in time, and they become eligible for the corporate action. Therefore, today is the last opportunity for investors to buy the shares so that they are credited to their accounts by Friday, making them eligible for the dividends.
Mahindra & Mahindra dividend
Mahindra & Mahindra (M&M) is among the most notable names on the list. The automaker has fixed Friday as the record date for its highest-ever final dividend worth Rs 33 per share. This comes after the company paid a dividend worth Rs 25 last year and Rs 21 in 2024.
The XUV and Scorpio maker has declared 28 dividends since May, 2001. The stock has a dividend yield of 0.81%.
Tech Mahindra, Union Bank, Shriram Finance dividend
Tech Mahindra has also fixed Friday as the record date for its final dividend of Rs 36 per share. Union Bank of India and Shriram Finance meanwhile will turn ex-record date for their respective final dividend of Rs 5 per share and Rs 6 per share.
Bharat Forge will pay a dividend of Rs 6.5 per share, while Escorts Kubota will pay a dividend of Rs 33 per share. Max Healthcare, Raymond Realty and Redington meanwhile will turn ex-record date for dividend payouts worth Rs 2, Rs 2 and Rs 6 respectively.
Also read: Kajaria Ceramics share buyback worth Rs 297 crore opens on July 3 | Entitlement ratio, other details to know
Other stocks turning ex-record date for dividends
Swaraj Engines accounts for the highest dividend payout at Rs 110 per share, followed by JSW Dulux at Rs 50 per share.
Other companies which will effectively turn ex-record date for their respective dividends tomorrow include Akum Drugs (final dividend of Rs 1 per share and special dividend of Rs 2 per share), Alufluoride (Rs 4 per share), Balaji Amines (Rs 11 per share), BF Investment (Rs 10 per share), Biocon (Rs 0.5 per share), Can Fin Homes (Rs 8 per share), Dalmia Bharat Sugar and Industries (Rs 1.5 per share), DCM Shriram Industries (Rs 0.4 per share), Exide Industries (Rs 2 per share), Gloster (Rs 20 per share), Greenlam Industries (Rs 0.4 per share), Indus Finance (Rs 0.6 per share), Kirloskar Pneumatic Company (Rs 8.5 per share), Onward Technologies (Rs 8 per share), Sagarsoft (Rs 1.5 per share), SKF India Industrial (Rs 10 per share), SKF India (Rs 40 per share), SML Mahindra (Rs 23.5 per share), Thermax (final dividend of Rs 14 per share and special dividend of Rs 6 per share), Transcorp International (Rs 0.4 per share), Welspun Enterprises (Rs 3 per share) and Siddhika Coatings (Rs 4 per share).
Also read: Nomura expects IT firms to see ‘anaemic’ growth in FY27. Here are latest target prices for Infosys, TCS, and others
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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