As lockdowns continue to affect New York, Marathon Asset Management is setting up an office in Miami.
While the investing team will remain in New York, the new Miami office will be available for all other personnel.
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“Marathon South will be an option for our employees,” co-founder and CEO Bruce Richards said Wednesday in an interview on Bloomberg Television.
“I’m certainly committed to New York City,” Richards added. “I love New York City.”
But he also said, “New York City is not what it once was” and predicted vacancy rates would rise and things would get “ugly” for property owners.
Richards said that lower taxes and less crime make other cities like Atlanta, Nashville and Charlotte attractive alternatives.
New York claims to be the safest big city in the U.S., and while much attention has been paid to a 38 percent rise in murders this year, NYPD data through Nov. 1 shows overall crime is down by 1 percent year-to-date.
Balyasny Asset Management and Bluecrest Capital Management have also established offices outside of New York amid the pandemic, as companies struggle to get employees to return to Manhattan offices.
[Bloomberg] — Sasha Jones