Connecticut gives millions to biggest hedge fund for $750M Stamford HQ

TRD New York /
Aug.August 16, 2012 09:30 AM

The world’s largest hedge fund is getting government funding and tax breaks to pay for a new $750 million headquarters in Stamford, Conn. Bloomberg News reported that Bridgewater Associates received a $25 million 10-year loan at 1 percent interest rate, $5 million for job training, $5 million for energy efficient systems and $80 million in tax credits from Connecticut to help fund a 750,000-square-foot two-building complex in Stamford. Additionally, the loan may not have to be repaid if Bridgewater meets certain hiring criteria.

Governor Dannel Malloy called the deal an “extraordinary economic win,” touting an agreement he secured with Bridgewater to retain its current 1,225-person workforce, creates as many as 1,000 more jobs in addition to ensuring the hedge fund remains in the state. Bridgewater is currently based out of Westport. Its new building is slated to open by 2017.

But the incentives Malloy bestowed upon the hedge fund, which paid founder Ray Dalio $3.9 billion in 2011, came under sharp criticism from many local leaders. “This is stealing from the poor and middle class to make a billionaire even richer,” Jonathan Pelto, a former deputy majority leader in Connecticut’s House of Representatives, told Bloomberg. “This isn’t economic development.”

As The Real Deal reported in its August issue, Connecticut landlords have been working hard to boost occupancy in its slumping office market. [Bloomberg] — Adam Fusfeld


Related Articles

arrow_forward_ios
From left to right: George Comfort & Sons president and CEO Peter Duncan and Thomas Madden, director of economic development for the City of Stamford, with 677 Washington in the background

NYC developer looks to double down on WWE’s new Connecticut home

Rubenstein reels in Stamford’s RBS building in $163M deal

Rubenstein reels in Stamford’s RBS building in $163M deal

Former NFL star’s Greenwich home heads to auction, Dressbarn shuts its doors and more Westchester & Fairfield real estate news

Former NFL star’s Greenwich home heads to auction, Dressbarn shuts its doors and more Westchester & Fairfield real estate news

Westchester & Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… & more

Westchester & Fairfield Cheat Sheet: White Plains YMCA site set for $100M apartment complex, $48M Greenwich sale is priciest in 5 years… & more

No kayfabe! WWE inks deal for massive new headquarters in Stamford

No kayfabe! WWE inks deal for massive new headquarters in Stamford

Westchester & Fairfield Cheat Sheet: Valhalla lease signed for $1.2B biotech center, Diageo ditches Norwalk for NYC … & more

Westchester & Fairfield Cheat Sheet: Valhalla lease signed for $1.2B biotech center, Diageo ditches Norwalk for NYC … & more

Westchester & Fairfield Cheat Sheet: Stamford building fetches $78M in city’s largest multifamily sale this year … & more

Westchester & Fairfield Cheat Sheet: Stamford building fetches $78M in city’s largest multifamily sale this year … & more

Westchester & Fairfield Cheat Sheet: $100M assisted living and health center hybrid facility planned for Norwalk … & more

Westchester & Fairfield Cheat Sheet: $100M assisted living and health center hybrid facility planned for Norwalk … & more

arrow_forward_ios