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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
One Vanderbilt, a tower that opened at the depths of the pandemic, has attracted smaller investment firms.
One Vanderbilt, a tower that opened at the depths of the pandemic, has attracted smaller investment firms.Photographer: Michael Nagle/Bloomberg

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.