Company grows and relocates to "Wall Street South" despite office market slowdown
VA mortgage lender NewDay USA has announced plans to move to a larger new home in West Palm Beach.
As part of its expansion, NewDay will occupy the top two floors of a two-storey office building in West Palm Beach, which will house 250 employees. The company expects the West Palm Beach office to grow to over 500 team members in 2023.
“We continue to see a wave of financial industry giants moving to Palm Beach for a better business environment, an incredible talent pool and warmer winters,” West Palm Beach mayor Keith James said. “NewDay USA’s commitment to growth and job creation is helping to turn our vision of creating a community of opportunity for all into a reality.”
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“NewDay is fortunate to have our employees come to work every day and serve veteran families,” NewDay USA CEO Rob Posner said. “We are proud to have West Palm as our new home where we’re able to work, live and play.”
Additionally, the firm said it is working with real estate developer Related Co. to relocate its Maryland-based headquarters to West Palm Beach. The new business headquarters will have over 1,500 employees living and working in and around West Palm.
“NewDay USA has been an excellent addition to our superb roster of South Florida corporate tenants,” said Stephen Ross, chairman and founder of Related Cos. “This is an excellent opportunity to prominently display the name of a vibrant, successful organization that serves military and Veteran families at the top of one of our finest properties in Florida and West Palm Beach.”
During the pandemic, many financial companies in the northeast region have moved their offices to West Palm Beach. The city has been dubbed the “Wall Street South” due to its booming office market, which bucks the national trend of increasing office vacancies.
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“NewDay USA is among a growing number of blue-chip financial services firms that are leaving regions that throw up roadblocks to success and coming to business-friendly areas in South Florida like Palm Beach County that promote innovation, growth and economic prosperity for its businesses and residents,” said Kelly Smallridge, president and CEO of the Palm Beach County’s business development board. “We value NewDay USA’s contributions to our communities and the growth opportunities that the NewDay team brings with it.”
