The owners of Manhattan’s former Textile Building landed a tenant as notable for its name as for the amount of space it is taking.
The world’s largest hedge fund firm, Bridgewater Associates, is leasing 60,000 square feet at 295 Fifth Avenue in Midtown South, the New York Post reported. The office is not only the company’s first in Manhattan, but first outside of the state of Connecticut.
Details of the lease were not disclosed. A team from CBRE represented the landlord, while a JLL team represented the hedge fund manager.
Bridgewater laid off 100 workers a year and a half ago. Nir Bar Dea is charting a path forward for the firm after assuming the leadership mantle from founder Ray Dalio.
Ownership of the former Textile Building — Tribeca Investment Group, PGIM Real Estate and Meadow Partners — spent years trying to position the building for high-profile tenants. The partners launched a $350 million renovation of the 700,000-square-foot property in 2019, adding a ground-floor courtyard, several terraces, hospitality amenities and a two-story penthouse.
The renovation first bore fruit last year, when law firm Quinn Emanuel Urquhart & Sullivan relocated to 132,000 square feet at the building. At the time, asking rents ranged from $95 per square foot at the bottom to $135 per square foot at the top.
Building ownership acquired the 99-year leasehold on the 17-story building for $375 million in 2019.
Monthly leasing volume fell by nearly a third from July to August in Manhattan, but rose 3.5 percent year-over-year, according to a monthly Colliers report. The borough’s year-to-date activity neared 21 million square feet in August, putting the borough on track to surpass 30 million square feet in volume for the first time in five years.
In Midtown South, leasing volume jumped 45 percent month-over-month in August and 28 percent from last year, due in part to Yeshiva University’s 160,000-square-foot condominium leasehold agreement at JEMB’s 1293 Broadway.
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