Investing
Money Managers Are Swooping In to Fill Manhattan’s Office Void
- Firms want upgraded space to lure growing staff to buildings
- Demand puts tiny dent in NYC’s supply of available space
This article is for subscribers only.
Hedge funds and investment firms are coming out of the pandemic embracing an out-of-favor asset: Manhattan office space.
Blackstone Inc. and Citadel are on the hunt for new locations. Boston’s Wellington Management, a $1.3 trillion asset manager, last month signed a letter of intent for its first New York office. Hedge fund Verition Fund Management recently relocated on Park Avenue in a massive expansion, while Sculptor Capital Management is scoping out space.