June 9, 2017 Comments Off on Big Money Rents from Hedge Fund Tenants Views: 810 New York News, Top New York Stories

Big Money Rents from Hedge Fund Tenants

Hedge funders still pay top dollar for Manhattan office space.

Asking rents have strengthened, with the high asking rent average at $144 per sq. ft., compared to $138 per sq. ft. six months ago, according to JLL’s latest Hedge Fund Activity Report. JLL tracks 25 trophy buildings in Midtown Manhattan that have a high concentration of hedge fund, investment management and boutique financial service tenants. One Columbus Circle is a new addition to the list of buildings in the index.

The high asking rent for direct space exceeds $100 per sq. ft. in all 25 buildings where top hedge funds have their offices, and reaches $200 per sq. ft. in three of the trophy assets. Landlords are continuing to give strong concessions to maintain these face rents.

Read More at HPD

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