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Former WTC Finance Firm Opens 40,000-SF Midtown South Office

NEW YORK CITY- Fred Alger Management lost more than half its New York staff on Sept. 11 but a comprehensive disaster recovery plan allowed survivors to keep the complex business moving from a well-maintained backup facility.

By Glen Thompson | Updated on March 12, 2002

NEW YORK CITY-A boutique financial services firm that lost more than half of its New York staff in the World Trade Center bombings opened new Manhattan offices Monday, exactly six months after the attacks.

Fred Alger Management Inc., originally located at 75 Maiden Lane, occupied 36,000 sf on the 93rd floor of One World Trade Center on Sept. 11. All 35 staff who were in the building when the bombs hit perished, including company president David Alger. The 18 surviving Alger employees from the trade center joined staff from the firm’s evacuated Jersey City offices and resumed operations at the company’s disaster recovery center in Morristown, NJ.

Alger’s new space is 40,000 sf on the entire second and third floors of the Constable Building at 111 Fifth Ave. The firm signed a 10-year direct lease with building owner Benjamin J. Winter for $38 per sf. Grey Advertising previously occupied the space at Fifth Avenue and 18th Street under a long-term lease. Grey was represented by Insignia/ESG on what was originally structured as a sublet to Alger, but bowed out when Winter recaptured the space and made a direct deal with the finance firm. Colliers ABR vice chairman Peter Riguardi represented Alger in the transaction.

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