Minneapolis Co. Coolibar Moves To FL In The Same Building Developed By Billionaire Jorge Pérez

Photo byJohn Spade, CC BY 2.0, via Wikimedia Commons

It's no secret that billionaires have been moving their companies to Florida. I've written about Ken Griffin's Citadel, Barry Sternlicht's Starwood Capital Group, and John Paulson's Paulson & Co., to name a few examples. And now Minneapolis' Coolibar is moving to The Annex, which was in part developed by billionaire Jorge Pérez's The Related Group.

About Coolibar: This company, which specializes in SPF 50+ clothing, spent two decades in Minneapolis before recently moving to Miami's Wynwood in the Annex.

The company reportedly has around 131 employees and revenue of around $17.3 Million.

Chief Brand Officer Sebastien Ozanne said that the move helped the company in testing and design, explaining, in part:

"...being in the Sunshine State allows us to design and, more importantly, test [our] products year round..."The foundation for a new corporate chapter that helps our product design teams stay abreast of the latest trends and create innovative designs, technology-centered apparel, and accessories to help our customers stay sun safe."

Employees who work for Coolibar rate it 2.9 out of 5 stars on Indeed. While some said the company offered a fun environment, others said management changes were problematic.

The Move To Florida's Trendy Annex: Coolibar has moved to Wynwood's "The Annex" which was in part developed by billionaire Jorge Pérez's The Related Group who sold it to San Francisco's Brick & Timber Collective in 2022.

I've previously written about how Pérez made news by donating a $10 million dollar condo to an arts nonprofit and by criticizing budget cuts in Florida that affected the arts.

Other companies that have office space in Wynwood's The Annex are Founders Fund, Spotify, and Live Nation, to name a few examples.