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Palm Beach County’s relocation boom

By Lola Thélin

Palm Beach County is more popular than ever, ranking at the top of state stats for growth by both income and population. (The county has even added an area code, 728.) “The recruitment of some of the nation’s biggest names to Palm Beach County has transformed the area into a top corporate destination, rich with technology, research, and innovation,” says Kelly Smallridge, president and CEO of the Business Development Bureau (BDB). In 2022, Smallridge says the BDB assisted more than 30 company relocations, resulting in $360 million of local capital investment. Here’s a look at three of those making the move.

Goldman Sachs West Palm Beach

Dubbed Wall Street South, Palm Beach County already is home to 18,497 business and financial companies (including 2,897 financial firms and hedge funds). Yet everyone took notice when New York’s Goldman Sachs Group, Inc. announced an expansion to the area. The finance giant’s West Palm Beach office is focused on establishing a presence in proximity to its high-net-worth clients. The company expanded its local office—which previously only provided private wealth management—to include asset management and global markets. More than 100 Goldman Sachs employees have moved into approximately 40,000 square feet at the 360 Rosemary office building in downtown West Palm Beach as of June 2022, and the company is still actively hiring local talent. (goldmansachs.com)

UF Scripps Biomedical Research Goldman Sachs West Palm Beach

UF Scripps Biomedical Research

When the University of Florida (UF) formalized a partnership with Scripps Florida, it made Jupiter home to the No. 5 nationally ranked public university— expanding the research facility’s abilities to translate biomedical discoveries into improved patient outcomes. The merger was swift: Conversations began mid2021, the partnership was announced in late 2021, and the integration was complete by April 2022. The 500 scientists at Scripps received UF faculty titles along with a Scripps Research affiliate title. UF Scripps Biomedical Research is offering a new program called the Postbaccalaureate Research and Education Program (PREP). The yearlong, immersive research experience will allow recent college graduates to develop additional academic and laboratory skills before they seek entry into PhD programs. (scripps.ufl.edu)

Procaps Group

One of the world’s top manufacturers in the medical industry, Colombia-based Procaps Group purchased an 86,000-square-foot pharmaceutical production facility in West Palm Beach in early 2022, improving its supply chain efficiency and lowering its overall distribution costs. Procaps develops pharmaceutical and nutraceutical solutions, various medicines, and a myriad of hospital supplies. It estimates that its new Palm Beach County–based product development capabilities will increase by more than 70 percent (to the tune of 1.8 billion softgel capsules annually). As a bonus, the facility is United States Food and Drug Administration approved, giving it both development and analytical testing capacities. (procapsgroup.com) «