Studley’s Daniel Posy, along with Joe Messina, both based in the firm’s New York office, recently completed a pair of lease transactions totaling 64,725 square feet on behalf of two prominent – and rapidly growing – hedge funds.
In the first, Visium Asset Management more than doubled in size, taking 39,600 square feet, the entire 21st and 22nd floors, at 888 7th Avenue. The firm will move from a950 3rd Avenue, where it currently occupies approximately 15,000 square feet, when the lease commences in 4th quarter 2011
888 7th Avenue, a premier office tower with an excellent location, offers efficient floor plates ideal for trading operations and is widely known as the location many of the world’s most notable hedge funds have chosen for their corporate headquarters.
In the second transaction, Messrs. Posy and Messina arranged a 25,125-square-foot lease at 590 Madison Avenue, commonly known as the IBM building, on behalf of Pine River Capital Management. The Minnesota-based global asset management firm will triple in size from its current 7,000-square-feet on the 37th floor when it relocates to the entire 38th floor during 4th quarter 2011.
Mr. Posy noted that relocating to the entire 38th floor will enhance the needs of the firms rapidly growing business, productivity and functionality.
“Pine River has experienced tremendous growth over the past two years,” said Mr. Posy. “After analyzing its needs and surveying numerous relocation alternatives, we determined the best option for Pine River was to remain at its current location.”
In addition to its headquarters in Minnetonka, Minnesota, and its New York City location, Pine River also has offices in Hong Kong, San Francisco, London and Beijing.