Cohen’s Point72 Plans Move to Skyscraper in NYC’s Hudson Yardsby
Related to lease about 175,000 square feet to family firm
Cohen to join Boies Schiller, Milbank Tweed in west side Tower
Billionaire Steven A. Cohen’s Point72 Asset Management agreed to move its New York offices to 55 Hudson Yards, the third skyscraper planned for Related Cos.’s $25 billion development on Manhattan’s far west side.
Point72, the $11 billion firm that oversees Cohen’s wealth, plans to lease more than 175,000 square feet (16,000 square meters) across six floors in the tower, according to a statement Monday by Related and Point72. The deal would increase the Stamford, Connecticut-based firm’s New York office space by 20 percent. It currently has offices at 330 and 510 Madison Ave., which are about a mile apart.
“Uniting the two locations is an opportunity for us to improve collaboration and work efficiencies,” Gregory McGee, Point72’s global head of facilities, said in the statement. “We want to encourage communication among employees and high levels of productivity.”
Cohen’s firm is the third tenant to commit to taking space at the 1.3 million square-foot, 51-story skyscraper, joining law firms Milbank Tweed Hadley & McCloy LLP and Boies Schiller & Flexner LLP. It’s another milestone in the push by Related, led by Chairman Stephen Ross, to lease up the office towers in the eastern phase of the 28-acre (11.3-hectare) project, which the company calls the biggest private real estate development in U.S. history.
The project, stretching from 10th Avenue to close to the Hudson River, is being built mostly over a rail yard used by trains that run through Pennsylvania Station to the east. Related has found occupants for all of 10 Hudson Yards, which opened last month, and 30 Hudson Yards, a larger tower that will become the new home of Time Warner Inc.
Related is co-developing 55 Hudson Yards with Mitsui Fudosan Co. and the Ontario Municipal Employees Retirement System. The statement didn’t disclose how much Cohen’s firm will pay to rent its space in the building, which is scheduled to be completed in 2018.
Point72 has made changes to its management and organization in an effort to rebrand itself after its predecessor firm, SAC Capital, pleaded guilty and agreed to pay a record $1.8 billion fine to resolve U.S. insider-trading claims in 2013. In January, the firm reached an accord with the U.S. Securities and Exchange Commission that would allow Cohen to return to managing client money as early as 2018.
The firm is also building its presence in London after shutting SAC’s U.K. offices in 2013. Point72 is seeking to boost employee numbers there to 70 and has already hired money managers from hedge funds such as Moore Capital Management and GLG Partners this year. The company said last week that its plans are still on track despite Britain’s decision to leave the European Union.