Hedge fund giant Bridgewater Associates is poised to establish its first U.S. office outside of its Connecticut headquarters in Westport. The firm is reportedly close to finalizing a lease for office space at 295 Fifth Ave. in Manhattan between 31st and 30th streets.
This marks a significant shift for Bridgewater, which (under founder Ray Dalio) had previously required all U.S. employees to work permanently from the Connecticut office. Current CEO, Nir Bar Dea, has been instrumental in introducing changes to the company’s traditional ways, and the new Manhattan office is a key component of this transformation.
While the majority of the hedge fund’s workforce will remain in Westport, the New York office — jointly owned by Tribeca Investment Group, Meadow Partners and PGIM Real Estate — will offer greater flexibility in terms of location for certain employees.
Formerly known as The Textile Building, the 710,000-square-foot building recently underwent renovations that added multiple terraces and a first-floor courtyard with outdoor workspaces, a library, and café, along with flexible interior work areas and hospitality-focused amenities to the property. In addition, Studios Architecture developed a two-story, 34,000-square-foot penthouse. Renovation efforts also included upgrades to the elevators, lobby, windows and HVAC systems.
Despite ongoing challenges with office vacancies in Manhattan, financial industry tenants have shown increasing interest in newly developed or renovated buildings like 295 Fifth Ave. For instance, last November, law firm Quinn Emanuel Urquhart & Sullivan signed a 132,000-square-foot lease at the property, while Daiwa Capital Markets signed a 20-year lease for 44,100 square feet at 1251 Avenue of the Americas this summer.
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