Alex Rodriguez has taken his family office approach to investing to the next level after his company acquired a 12,700-square-foot office condo in Coconut Grove to relocate all Miami-based business there.
“The thought of having the entire A-Rod Corp. Miami-based family under one roof has long been a desire of mine,” Rodriguez said.
The Grove at Grand Bay, located at 2675 South Bayshore Drive, is comprised of two 20-story towers with 90-plus condo units. Developer David Martin, president and co-founder of Terra, tapped Danish architect Bjarke Ingels to design the condo project.
According to the Real Deal, a real estate news website, Terra was represented by Andrew Gurewitsch, Max Lescano and Tyler Zimmer of Windsor Realty Partners in the sale to A-Rod’s Monument Capital Management.
Erin Knight, executive vice president of Monument Capital Management, said about 2,500 square feet of ground-floor space will be used for company events or to rent out for events.
Monument Capital Management, a real estate investment firm, and Newport Property Construction, two companies under the A-Rod Corp. umbrella, will be moving to the new location after the office space has been built out, which is estimated to take nine months.
“Not only is it very positive for economies of scale, complementing our other office locations around the country, but it will facilitate the synergistic, creative environment we look to foster,” Rodriguez said.
The former Yankees slugger started A-Rod Corp. in 2003 after buying a duplex in Miami. He knew his playing days were going to reach an end, so purchasing real estate became his cornerstone business plan in retirement.
Little by little, Rodriguez began branching out, investing in sports, wellness, media and more while also striking up dozens of partnerships. Rodriguez has even gotten into the eSports space, investing in NRG eSports, a California-based pro esports organization. He admits he didn’t know much about it, but he trusted his team.
“I said, ‘Come again? We’re going to go watch kids play video games and where’s the sport?’” Rodriguez was quoted in the Chief Investment Officer. “They said, ‘That’s the sport.’ I said, ‘OK, buy it.’”
Rodriguez credits Warren Buffet with teaching him the ropes of the investment world. But if you ask the billionaire, A-Rod is just as talented invested as he was on the diamond.
“Alex may give me some credit… but he doesn’t need me. He’s got a money mind. He just gets things, if they’re business- or money-related,” Buffet told Sports Illustrated. “Most athletes get gamed… that has not happened to Alex, and it wouldn’t happen to Alex.”
Rodriguez also praises the team he has put around him, people he considers “way, way smarter” than him who keep him in check.
“I want gatekeepers. I want people who are saying ‘No’ to me constantly,” he said. “I want people around me who are always protecting my blind spot.”
Together, with what he calls a “family office approach,” Rodriguez and his team will continue to make solid investments focused on long-term success.
“We really want to own assets that hopefully my daughters and my grandkids are going to own,” he said.
Chris began his writing as a hobby while attending Florida Southern College in Lakeland, Florida. Today he and his wife live in the Orlando area with their three children and dog.