Apollo to Open Second Headquarters in Florida or Texas

Apollo is preparing to establish a second headquarters in either Florida or Texas, Fox Business Network's Charles Gasparino reported Wednesday. A formal announcement on the location is expected within weeks. The new Apollo outpost could eventually become home to as many as 1,000 employees, matching the firm's current headcount in New York.

Apollo currently employs more than 6,000 people worldwide. 062 billion in 2024. The firm issued an earlier internal memo to employees signaling plans for significant future growth outside its longtime New York base.

Apollo is currently scouting out space in Miami and in Palm Beach, where it already has a small presence. Office space in Austin, Texas, is also under consideration. The developments follow comments from Citadel CEO Ken Griffin, who said New York City Mayor Zohran Mamdani's push for higher taxes on second homes reinforced Citadel's commitment to Miami.

Griffin spoke during a Tuesday interview at the Milken Institute Global Conference. Citadel decided to enlarge its Miami office project after Mamdani publicly referenced Griffin's $238 million Central Park South penthouse. "We went to Miami and revised our building plan to make it a bigger office building," Griffin said.

"What the mayor of New York has made clear to my partners, and principally my New York partners, is that we need to double down on our bet in Miami," Griffin added. " Griffin previously moved Citadel and Citadel Securities from Chicago to Florida after criticizing local leadership there.

"Looking at what Mamdani did to me and more broadly is doing to the city of New York is triggering the trauma I went through in Chicago," he said.

Steve Fulop, who leads the pro-business lobby organization Partnership for New York City, said Griffin's announcement is part of "a troubling pattern taking shape" in the Big Apple. "The solution is that the administration needs to have a real pro-business agenda that has support of the broader business corporate community," Fulop told Gasparino. Apollo is headed by billionaire CEO Marc Rowan.