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

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
777 Summer Street in Stamford and Toll Brothers Apartment Living president Charlies Elliott (Silverback Development, Toll Brothers)
Toll Brothers plans 355-unit apartment complex in Stamford
Toll Brothers plans 355-unit apartment complex in Stamford
KABR Group CEO Ken Pasternak in front of 163 Franklin Street (left) and 750 Summer Street (right) in Stamford (KABR Group, ApartmentFinder.com, Zillow, iStock)
NJ-based real estate firm continues push into Stamford
NJ-based real estate firm continues push into Stamford
Adam Carr, executive vice president of investments, Monday Properties, in front of 75 Tresser (Monday Properties)
Office landlord Monday Properties makes $131M multifamily play in CT
Office landlord Monday Properties makes $131M multifamily play in CT
The Allure at 850 Pacific Street, The Escape at 880 Pacific Street and The Lofts at 200 Henry Street, all in Harbor Point (Apartments.com)
Stamford’s biggest developer under fire after partial building failures
Stamford’s biggest developer under fire after partial building failures
695 E Main Street in Stamford (Wikimedia)
Northeast Capital JV grabs Stamford office campus for $235M
Northeast Capital JV grabs Stamford office campus for $235M
New York firm secures $53M for Stamford multifamily acquisition
New York firm secures $53M for Stamford multifamily acquisition
New York firm secures $53M for Stamford multifamily acquisition
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
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
Rubenstein reels in Stamford’s RBS building in $163M deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...