Hedge funds, private equity firms seek Hamptons offices

New York /
Oct.October 21, 2013 10:48 AM

The Hamptons has become a viable destination for Wall Street companies such as hedge funds and private equity firms, many of whom cite the impact of the 9/11 attacks and wanting an escape from the hustle and bustle of Manhattan as reasons to set up shop on the East End.

Commercial brokerages in the area have taken notice. In East Hampton, for example, more than 20 percent of a 20,000-square-foot building at 66 Newtown Lane is now leased to financial services firms, up from 5 percent a decade ago, according to Southampton-based Peconic Bay Realty, which manages the building.

“Our tenants jog or bike to work or come on their skateboards,” Esther Paster, a principal at Peconic, told the Wall Street Journal. “Every day they prove that the masters of the universe don’t need cubicles in Manhattan.”

Manhattan-based firms that maintain a Hamptons branch include billionaire Daniel Loeb’s funds, Third Point LLC and Seneca Capital Advisors, according to the Journal. Representatives from Third Point and Seneca Capital declined to comment to the newspaper.

The terrorist attacks on Sept.11, 2001, were a catalyst for many, such as Bridgehampton Capital Management’s Kenneth Lee, to make the move, according to the Journal.

“I was in Seven World Trade Center on 9/11, as was my wife,” Lee, who is now based in Newman Village on Montauk Highway, told the newspaper. “We lost some of our taste for the city.” [WSJ]  — Hiten Samtani


Related Articles

arrow_forward_ios
700 Meadow Lane
Serious buyers only: The 10 priciest new Hamptons listings
Serious buyers only: The 10 priciest new Hamptons listings
Rich Gomel, chief investment officer of Two Sigma Real Estate platform (Crunchbase)
WeWork vet hired to launch Two Sigma’s real estate fund
WeWork vet hired to launch Two Sigma’s real estate fund
Solow Building Company chairman Stefan Soloviev, CEO Michael J. Hershman and vice chairman Hayden Soloviev (Solow Residential, Fairfax, LinkedIn)
Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
Stefan Soloviev, Sheldon Solow’s son, reorganizes family firm
Yorgos Tsibiridis
Hamptons agent Yorgos Tsibiridis jumps to Compass
Hamptons agent Yorgos Tsibiridis jumps to Compass
Marble Ridge Capital LP’s Dan Kamensky and Neiman Marcus at Hudson Yards in New York (Getty; Jewish National Fund)
Hedge fund manager pleads guilty to fraud in Neiman Marcus bankruptcy
Hedge fund manager pleads guilty to fraud in Neiman Marcus bankruptcy
32 Windmill Lane and Andrew Saunders (Realtor)
Hefty prices, robust sales: Hamptons market thrives in Q2
Hefty prices, robust sales: Hamptons market thrives in Q2
Wesley Edens’s Fortress Investment Group picked up a mortgage bond portfolio for a steal (Credit: Drew Angerer/Getty Images, iStock)
Sharks circle as mortgage lenders shed portfolios at steep discounts
Sharks circle as mortgage lenders shed portfolios at steep discounts
From left: 263 Surfside Drive and Ivan Kaufman with 901 and 939 Scuttle Hole Road (Credit: VHT Studios, Arbor)
The 10 priciest Hamptons home sales of 2019
The 10 priciest Hamptons home sales of 2019
arrow_forward_ios

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

Loading...