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Deals & Dealmakers

Billionaireʼs fund leases 175,000 s/f at Hudson Yards

Point72 Asset Management (Point72), a family office managing the assets of Steven A. Cohen, announced it will move its New York headquarters to 55 Hudson Yards.

The firm plans to lease more than 175,000 s/f across six floors in the new park-front boutique office tower on Manhattan’s West Side.

Doug Haynes, President of Point72, said, “With large, open, collaborative space, similar to our Stamford trading floor, we can foster better interaction among teams and create the kind of environment that employees and candidates would expect from the industry’s premier asset management firm. More importantly, by collaborating with world-class developers, we have the ability to build state of the art trading floors.”

Haynes added, “The modern, progressive space with premier retail, cultural events, and urban green spaces, will help us to continue to attract and keep the top talent that is our most valuable asset.”
Jay Cross, President of Related Hudson Yards said, “We are proud to welcome Point72 to Hudson Yards. Together we will create at 21st Century workplace with trading floors befitting one of the most innovative asset management firms in the world. Their new park-front headquarters will be steps away from a diverse collection of shopping, dining, fitness, and cultural amenities with direct access to the best transportation system on the New York region.”

Currently, Point72 occupies 11 floors in two buildings a mile apart: 510 and 330 Madison Avenue. At 55 Hudson Yards, Point72 will occupy 175,000 square feet across six floors, which will increase its office space by 20 percent.

“Uniting the two locations is an opportunity for us to improve collaboration and work efficiencies. We want to encourage communication among employees and high levels of productivity,” said Gregory McGee, Global Head of Facilities.

The space will have panoramic window views of the Hudson River and Hudson Park, a private outdoor terrace on the 10th floor with tables and benches, and a more modern, floor plan with column-free corners. It will also include space for corporate events and global Town Halls, a private interview suite and a designated Academy training facility.

“Point72 also plans to invest a lot of resources in thought-provoking visual technology – global screens, tickers, and new visual media – to provide investment professionals with access to first class technology,” McGee added.

This commitment represents the third commercial tenant at 55 Hudson Yards, which is being developed by Related Companies, Mitsui Fudosan America and Oxford Properties Group.

The firm has executed a letter of intent for the space and expects to finalize the terms of the lease by the end of the year.

Neil Goldmacher of Newmark Grubb Knight Frank represented Point72 in the transaction. Robert Alexander and Howard Fiddle of CBRE and Stephen Winter of Related represent the ownership group.

The anticipated LEED Gold, 51-story, 1.3 million gross square foot building was designed by al architect A. Eugene Kohn of Kohn Pedersen Fox (KPF) and is expected to open in 2018.

At Hudson Yards, more than 8.5 million square feet of residential, commercial and retail space has been financed and is under construction.

10 Hudson Yards – home to Coach Inc., L’Oréal USA, The Boston Consulting Group, German software engineering firm SAP, VaynerMedia, Intersection and Sidewalk Labs – opened last month.
Sales for the 285 residences at 15 Hudson Yards and 137 residences at 35 Hudson Yards will launch this year.

Fifty-Five Hudson Yards, also home to Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy LLP, will open in 2018.

The one million square foot retail center and 6-acre public plaza will open in the fall of 2018, followed in 2019 by 30 Hudson Yards, the commercial office tower that will house KKR, Wells Fargo Securities, TimeWarner, HBO and CNN.

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