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BlackRock bigwig shells out $7.25 million for a teardown in Admirals Cove. Could other execs follow?

Initially reported in the Palm Beach Post and reproduced on behalf of Mayfair International Realty members Waterfront Properties' Rob Thomson, who represented both the seller and buyer in the transaction.

Rick Rieder, a top executive with New York-based BlackRock, the world's largest asset management firm, has paid $7.25 million for a home he plans to tear down in Jupiter's exclusive Admirals Cove community,

Rieder closed Jan. 22 on the house at 197 Spyglass Court, Palm Beach County records show.

He plans to tear down the existing home and build a new one on the property, confirmed Rob Thomson, who represented both the seller and buyer in the transaction.

Rieder, chief investment officer of BlackRock's global fixed income team and a frequent presence on CNBC, might not be the only Blackrock executive making northern Palm Beach County home, either.

Blackrock executives could soon be house-hunting in northern Palm Beach County, too, raising the prospect that the firm may be planning to open an office nearby.

Thomson had no comment on the possibility of other BlackRock executives moving to Palm Beach County. A BlackRock spokesman could not be immediately reached for comment on any potential corporate moves by the investment management company to Palm Beach County.

Admirals Cove is the same luxury enclave where Donald Trump, Jr., and his girlfriend, Kimberly Guilfoyle, are buying two properties.

Thomson confirmed that Rieder plans to tear down the 1991 home previously owned by Justin Daniels, a real estate investor, and his wife, Robin. They bought the home only last November for $6.5 million.

The 6,047-square-foot home has four bedrooms and seven full-bathrooms, plus one half-bath, as well as a pool and boat dock.

Rieder is familiar with Admirals Cove: He already owns a home at 177 Commodore Drive, which he bought in May 2014 for $3.5 million.

But the Spyglass property is a superior location, Thomson said, and features views of the Intracoastal and the marina. It also has 230 feet along a canal.

"I would call it one of our signature prime premium lots in the community," Thomson said. "It's very unique."

Rieder is familiar with Admirals Cove: He already owns a home at 177 Commodore Drive, which he bought in May 2014 for $3.5 million.

But the Spyglass property is a superior location, Thomson said, and features views of the Intracoastal and the marina. It also has 230 feet along a canal.

"I would call it one of our signature prime premium lots in the community," Thomson said. "It's very unique."

It's unclear if BlackRock plans a Palm Beach County office, although the firm already has a Miami office.

Nevertheless, several top financial firms from the Northeast have moved or expanded operations in South Florida in the wake of the coronavirus pandemic. The moves are led by a desire to escape crowded, urban cities and relocate to a state with no income tax.

These firms include Steve Cohen's Point72, which is taking space at 360 Rosemary, an office building under construction in West Palm Beach; Elliott Management Corp., which is subleasing space at the Phillips Point office complex in West Palm Beach; and Colony Capital, which moved its offices to Boca Raton from Los Angeles.

In addition, Goldman Sachs is looking for space in South Florida, including West Palm Beach, for an asset management office. And reports are that New York-based Virtu Financial, an electronic market maker, is opening an office in Palm Beach Gardens.

"It's amazing the uptick in interest we are seeing from Northeast financial firms seeking to relocate their operations or expand into this area with a regional office," said Kelly Smallridge, president of the Business Development Board of Palm Beach County, the county's chief business recruiter.

Initially reported in the Palm Beach Post