Steven Cohen is so rich that he needs a 175,000-square-foot office to manage his personal wealth. Naturally, when you’re that rich, you can easily afford the asking rents at Hudson Yards.
Point72 Asset Management, the company charged with managing the hedge funder’s $11 billion fortune, signed a 175,000-square-foot lease at the Related Companies and Mitsui Fudosan America’s 55 Hudson Yards. The 1,000-employee company will move there from its current spaces at 510 and 330 Madison Avenue in 2018. That’s also the year the 1.3 million-square-foot, KPF-designed office tower is expected to open.
Last year, Japanese investment firm Mitsui Fudosan bought a stake in 55 Hudson Yards for $258.8 million In April, law firm Milbank, Tweed, Hadley & McCloy signed a letter if intent to lease 250,000 square feet at the tower. The largest private real estate development in the U.S., Hudson Yards will feature 17 million square feet of commercial and residential space.
Steven Cohen became a billionaire through the hedge fund he founded, SAC Capital. After traders at the firm were convicted of insider trading in 2013, SAC Capital agreed to pay a $1.8 billion fine and was barred from managing third-party funds.
Earlier this year, Cohen reached a personal settlement with the Securities and Exchange Commission that barred him from managing third-party money until 2018. [Reuters] – Konrad Putzier