Hedge funds and investment firms areembracing an out-of-favor asset: Manhattan office space.
Blackstone 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. Verition Fund Management recently relocated on Park Avenue in a massive expansion, while Sculptor Capital Management is scoping out space.
At a time when New York towers are struggling with high vacancies and many workers are still remote, money managers are seeking to accommodate growing staff and encourage in-person collaboration with trendier digs. Along with tech companies, they’re helping to fill part of the void left
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