The Real Deal New York

Failing hedge funds shed space

November 16, 2008 08:39PM

A growing number of hedge funds are trying to shed space in the city’s trophy buildings. Before the financial crisis, many hedge funds paid up to $200 per square foot in rent for offices in some of Midtown’s trophy buildings. A record 70 percent of hedge funds reported losses in September, and now at least 300,000 square feet of these pricey spaces in buildings like the General Motors Building and the new 30-story tower 510 Madison Avenue, are up for grabs.

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