Billionaire John Paulson Establishes First Office in South Florida

According to Forbes, John Paulson, the New York-based financier with an estimated net worth of $3.5 billion, is the latest billionaire to expand his corporate footprint in South Florida. Paulson’s investment management firm, Paulson Capital, has secured a lease for an office in West Palm Beach at the One Flagler tower, developed by Related Cos. Paulson already owns a $110 million mansion in Palm Beach, located at 1840 S. Ocean Blvd., which he purchased in 2021.

“West Palm is rapidly becoming an important financial center,” Paulson told Bloomberg in late April. “We are excited about opening our office at One Flagler, an exceptional new building.”

Although representatives from Paulson Capital and the Business Development Board of Palm Beach County were unavailable for comment, the region is attracting significant investment. Despite still being under construction, 75% of One Flagler’s 270,000 square feet of office space is pre-leased to other financial firms, such as GTCR, Highpost Capital, Diameter Capital Partners, Siris Capital, Bessemer Trust, and First Republic Bank.

Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, remarked on the area’s growth, saying, “Ten years ago, the Business Development Board created the ‘Wall Street South’ movement. This did not only include the movement of financial service firms but also a solid marketing outreach effort showcasing the lifestyle and business community that makes our area so attractive.”

Paulson joins a growing list of billionaires relocating or opening offices in South Florida, including Larry Robbins (2024), Jeff Bezos (2023), Ken Griffin (2022), Orlando Bravo (2021), Carl Icahn (2019), and Barry Sternlicht (2018). The trend of high-net-worth individuals moving to South Florida began during the pandemic and has been sustained by Florida’s pro-business incentives and lack of state income tax.

Paulson Capital is affiliated with Paulson & Co., Paulson’s family-owned asset management firm and former hedge fund. Founded in 1994, Paulson & Co. had offices in London and Dublin before establishing its headquarters in New York City. Paulson returned the firm’s investor capital in 2020, transforming it into a family-owned investment firm. Today, the company owns a majority stake in P.F. Chang’s and Steinway & Sons.

Specializing in event-driven arbitrage strategies, Paulson & Co. capitalizes on temporary stock mispricings related to corporate events such as restructurings, mergers and acquisitions, bankruptcies, spinoffs, and takeovers. Paulson earned a significant portion of his fortune in 2007 by shorting the housing market ahead of the financial crisis, profiting from the wave of mortgage defaults.

In addition to his financial ventures, Paulson launched the Paulson Family Foundation in 2008. The foundation has since donated over $500 million to various parks, development projects, and organizations and holds roughly $1.5 billion in assets. Notable contributions include $100 million to the Central Park Conservancy in 2012 and $27 million in 2023 for a new building at Hebrew University’s Rachel and Selim Benin School of Computer Science and Engineering in Jerusalem.

Paulson is also an active political donor. In April, he hosted a dinner at his Palm Beach home for former President Donald J. Trump, raising an estimated $43 million

for the Republican presidential candidate. Paulson previously served on Trump’s economic advisory council during the 2016 campaign and hosted a fundraiser at his New York townhome that same year.

With his move to South Florida, Paulson continues expanding his influence in finance and philanthropy, cementing his status as a significant player in the region’s burgeoning financial sector.